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.

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...

A.O Not Empowered to Issue Penalty Notice u/s 271D or 271E.

Advanced TopicOne of my assessees, because of certain business urgencies, accepted a loan in excess of Rs. 20000/- in cash from one known lady...

Turned 65 on 31st March,You are Senior Citizen Even Then!

Senior citizen gets tax relief as the tax imposition on them starts only from Rs 1,85,000.But unlike Railways,Income tax regards a man/woman only after...

CIT(A) Is Not Bound to Go Into Merit of Case, if Appeal is not...

In Appeal proceedings, whether CIT(A) is bound to go into the merit of the case even if the Appeal is filed beyond statutory time...

Day Trading Loss May Not be Adjusted with Short Term Capital Gain or Business...

daga.akshay@gmail.com Asked how is income from day trading in shares taxed? Is it added with the total income of the assessee and...

Agents of Non Resident exempt from obligation to file Returns electronically

The CBDT issued circular no 12/2006, Dated 27-11-2006 that for Agents of Non Resident , filing Return electronically is not mandatory . The relevant...

Don’t Worry.Be Happy!You arn’t Scrutinized.

Someone Asked on This blogFor the assessment year 2005-2006, IT dept. asked me to furnish the Form-16 again. When I inquired in detail I...

Who should opt for Liason Office in India?

Someone Asked on Yahoo Group and replied by meMy company is planning to open a branch in India. In the initial few years, there...

I m mentally depressed for last one year .I could not file my incometaxreturn...

There is provision under the I T Act which is exactly for such problems faced by assessee. Under Section 119(2)(b) , if a person...

Refund even if Return was not filed ?I don’t believe this ?

Yes , its true . There are provision under the Indian Income Tax Act which mitigates the true difficulties faced by the commontaxpayers....
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