Table of Contents:
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1.
Tax Payable for any Assessment Year Cannot be Less than 18.5% of Book Profit:
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3.
Provisions of Section 115JB not to apply in certain Cases .
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First Appeal
Filed by the Assessee The first appeal against the order of
Assessing Officer shall lie to the Commissioner (Appeals) and it can be filed…
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Income Tax
Assessment Procedure in details 1. Self-Assessment
[Section 140A] before Submitting Return of Income Every person, before
submitting a return of income under: (i)
…
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Capital Gains
under Income Tax Act. 1961 - LTCG & STCG 1.
Basis of Charge – Capital Gains [Section 45(1)] Any profits or gains arising
from the transfer of a capital…
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Assessment of an
‘Individual’ An individual means a natural person i.e.
human being. Individual includes a male, female, minor child and a
lunatic or…
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Assessment and
Audit under CGST Act, 2017 Word “Assessment” has been defined
in Section 2(11) of the CGST Act, 2017. As per Section 2(11), Assessment means
determination…
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Provisions of
Central Goods and Service Tax (CGST) Act, 2017 are also applicable to IGST Act.
and UTGST Act. GST is a double tax on Goods and Services which
is levied both by the Central Government and State Government/…
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[Section 115JB
(2)]- Statement of Profit and Loss of the Company to be prepared as per
provisions of the Companies Act. with Computation of… Every
assessee,— (a) being a
company shall, for the purposes of this section, prepare its statement of
profit and…
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TDS on Rent
[Section 194-I] “Rent” means any payment, by whatever name
called, under any lease, sub-lease, tenancy or any other agreement or
arrangement for…
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Taxation In
Companies - Company Taxation 1. [Section 6(3)]-
Definitions & Types of Companies with Residential Status (1).
Definition and Types of Companies 1. Company: As…
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[Section 44AD,
44ADA, 44AE]- Estimated or Presumptive Income method for Computing Business
Income Under To give relief to small taxpayers from the tedious
job of maintenance of books of account and from getting the…
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Income Tax Rates
for Assessment Year 2021-22 1. In case of
Individual (A) For an individual (man or woman), resident in India who is of
the age…
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[Section
234B(1)]- Interest payable for defaults in payment of Advance Tax The
assessee is liable to pay interest in the following cases: (1)
advance tax has not been paid by…
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Assessment of
Association of Persons (AOP) / Body of Individual (BOI) The
income of AOP or BOI shall be computed under the heads of income by applying
the normal provisions of…
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Refund of Tax
under Income Tax Act. [Section 237 to 241] 1. Who
should claim Refund of Tax ? Where an assessee has submitted any return of
income and any refund…
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[Section 133A] -
‘Survey’ under Income Tax Act. ‘Survey’ contemplates a
comprehensive and extensive view of the business or charitable activities of an
assessee, subject to the limitations…
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Tax on Total
Income of a Company 1. Rates of Income Tax of a
Company other than covered U/s 115BA A company is assessed like any other…
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[Section 147]-
Income Escaping Assessment If the Assessing Officer has reason
to believe that any income, chargeable to tax, has escaped assessment for any
assessment…
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[Section 2(24)]
- ‘Income’ Under Income Tax Act.– Concept & Definition The
word 'Income' covers receipts in the shape of money or money's worth
which arise with certain regularity or expected…
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[Section 195]-
TDS on Payment to a Non-Resident 1. TDS on income
of Non-Resident: Any person responsible for paying to a non-resident, not being
a company, or to…
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Appeals &
Revisions under Income Tax Act. 1. First Appeal
Filed by the Assessee The first appeal against the order of Assessing Officer
shall lie to the…
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