Table of Contents:
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(2)
Deemed Cases of Escapement:
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(3) [Section 148]- Issue of Notice where Income has
Escaped Assessment
Related Posts…
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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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[Section 142]-
Enquiry by the Assessing Officer before Assessment 1. Service
of a Notice [Section 142(1)] of Income Tax Act 1961.: For the purpose of making
an assessment, the…
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Agricultural
Income & Its Tax Treatment [Section 2(1A) and 10(1)] Section
10(1) of the Income-tax Act, 1961 exempts agricultural income from income-tax.
Agricultural income including the following: (i)
any…
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[Section 30 to
37]- Expenses Allowed as a Deduction for computing Income under ‘Profit &
Gains of Business or Profession’ 1. [Section 30]-
Rent, Rates, Taxes, Repairs and Insurance for Buildings – for computing
Profit & Gains of Business or…
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Penalties under
Income Tax Act. The various defaults in respect of which
Penalty can be imposed by the Income Tax Department are summaries in details.…
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“Income from
House Property” [Section 22 to 27] The annual value of property
consisting of any buildings or lands appurtenant thereto of which the
assessee is the owner…
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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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[Section 64]-
Clubbing of Income of an Individual with income of Spouse, Minor Child, etc. 1.
[Section 64(1)(ii)]- Remuneration of Spouse from a Concern in which the
Other Spouse has Substantial Interest: In computing…
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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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‘Residential
Status’ under Income Tax Act. 1956 1. Residential
Status of an Individual [Section 6(1)] According to the residential status, the
assessee can either be: (i) Resident…
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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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Alternate
Minimum Tax (AMT) on all Persons other than Companies [Section 115JC to 115JF Chapter
XII-BA] AMT. which was hitherto applicable to LLP only. has
been made applicable to all assessees other than a company. (1)…
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Payment of GST
in GST Regime 1. Types of Payments to be made in
GST Regime For any intra-state supply For any interstate supply Taxes to…
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Input Tax Credit
or ITC under GST Under the GST regime. the Centre will give input
tax credit for Central GST/IGST and the States will give input…
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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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[Rule 12]- Form
and Manner of Furnishing Return of Income As per rule 12(1),
The return of income required to be furnished under section 139(I) or 139(3) or
139(4A) or…
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Return of Income
[Section 139 to 140] 1. [Section 139(1)]-
Submission of Return of Income According to section 139(1), the following
persons are required to furnish return…
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TDS from Salary
[Section 192] 1. [Section 192(1)]- Tax to be
Deducted at average of Income-Tax: Any person responsible far paving any income
chargeable under…
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Deemed Profits chargeable
to Tax as Business Income [Section 41 and 176(3A) & (4)] By
virtue of section 41, the following receipts are chargeable to tax as business
income notwithstanding that the business or…
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Penalties &
Prosecutions under Income Tax Act. 1. Penalties
under Income Tax Act. The various defaults in respect of which Penalty can be
imposed by the Income…