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.

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....

Capital Gains on Shares or Mutual fund units taxable ? What you say ,...

Yes , you rightly heard . Not all long term capital gain on sale Of equity shares or units of mutual funds are tax...

Securities Transaction Cost not allowed?

Yes ,that STT (Securities Transaction Cost) is not allowed to be taken as cost of acquisition of the shares or purchase for computing capital...

Is it possible to file Return of Income even after lapse of four- five...

Someone Asked on This blog on 30/10/06 I am at Kachchh–Gujarat I was filling income tax return before A.Y -2001-2002 .But due to heavy...

30/11/2006 is the last date for filing Return of Income including FBT return

The due date for filing of income and fringe benefits tax (FBT) returns for Assessment Year 2006-07 ,has been extended to 30 November....

Sir, I am regular speculator in NSE & BSE . I want to know...

Someone Asked on This blogYes its business income from FY 2005-06 as per Section 43(5) of the I T Act.The computation of P &...

Pls explain the tax treatment of profits and gains on derivative equity transactions? Is...

Someone Asked on Yahoo Answer-Replied by me on 13/10/2006With Affect from FY 2005-06,the trading in derivative segment through stock exchange has been taken out...
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