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.

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...

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...
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