Assessment

Assessment under Income Tax Act 1961 means a written order of computation of total income by the assessing officer. The assessment of total income is done under different circumstances. One is when a person files return of income and the a processing by computer is done to assess the total income , tax payable or refundable. Then there is assessment after scrutiny under section 143(3). Similarly when search and seizure is conducted under section 132 of the Income Tax Act, A.O passess order fo assessment u/s 153A or 153C as teh case may be . Assessment also include reassessment.

Future & Option Loss Can Be Adjusted With Capital Gains!

I have questions about Capital Gains tax...1) I have suffered some losses in Futures and Options , can I submit that losses with my...

How Ombudsman Can help You To Settle Grievance?

Recently government , among many , new initiative to interact and better service to ordinary tax payers , have created the posts of ombudsman...

Apply to Grievance Cell & Ombudsman to get Refund?

Grievance for not getting refund is very common with tax payers.Income Tax department has brought in many changes to sort out the grievance of...

Saral Form 2D In Excel Format!

Update (18/5/2007)Form 2D is no more there from 14/5/2007.CBDT has notified new forms of Return. The new forms are effective from 14/5/2007.For complete article...

Should You File the Return IF TDS Certificate is Lost?

I have lost the original form 16 issued by my employer. In such a scenario what are the alternatives for filing tax return as...

Last Day of Filing Return IS Sunday,Will I get Carry Forwd OF Losses if...

The last date for filing of Income Tax Return of Individual assessee was 31-07-2005 for A.Y. 2005-06. The return was filed on 01-08-2005 as...

How to Compute Turnover In Case Of Future & Options Trades?

The computation of turnover is important under Income Tax Act because that determines whether tax audit or fling of return through e-return is required.Further...

Demand Can Not Be Collected Without Service Of Demand Notice!

I am central government employee ,get transferred all over India. In 04-05 I was posted in Karnataka and submitted my returns. In Sep-05 I...

Hedging Loss is Buisness Loss , not Speculation Loss!

Can a loss from hedging of commodities be set off against normal profit of a related commodity merchant? agrawalneeraj@sify.comYes, there is express provision...

Do Not Apply For Second PAN to Get the File Transferred

I have a PAN number issued in Thane and have been filing my returns at Thane itself, since I also own a property over...
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