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Best judgment assessment under section 144 of Income Tax Act 1961 What is assessment under section 144? Assessment under section 144 of Income tax act (called best judgment assessment) is an assessment carried out as per the best judgment of the Assessing Officer. Best judgment assessment is resorted due to certain failures (specified under […]
What is the procedure adopted for making the assessment under sec 143(3) of Income Tax Act i.e. scrutiny assessment? In case of Assessment under section 143(3) of Income tax act, a scrutiny is carried out to confirm the correctness and genuineness of various claims, deductions, etc., made by the taxpayer in the return of income. […]
Which Income Tax appeals (Income tax appeal pending) are covered under the Vivad se Vishwas Scheme? Vivad se Vishwas Scheme Detail Pdf Income Tax Appeals pending before the appellate forum [Commissioner (Appeals), Income-tax Appellate Tribunal (ITAT), High Court or Supreme Court], and writ petitions pending before any High Court or Supreme Court or special leave […]
Income Tax Return (Financial Year 2019-20, Tax Audit Financial Year 2019-20, Vivaad se Vishwas Scheme Extended, Date of assessments getting barred as on Sep 30, 2020, Date of assessments getting barred as on March 31) The government, announced the extension of the Income Tax Return filing deadlines (Financial Year 2019-20, Tax audit Financial Year 2019-20, […]
Am I required to keep a copy of the Income Tax Return filed as proof and for how long ? Yes, since legal proceedings under the Income-tax Act can be initiated up to 4 or 6 years (as the case may be) prior to the current financial year, you must maintain such documents at least […]
Gift received by an individual from Hindu undivided family (HUF) isn’t exempt Gyanchand M. Bardia v. The Income Tax Officer (Income Tax Appellate Tribunal )– Ahmedabad 21 February, 2018 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA […]
Insertion of new section 80M (Budget 2020) After section 80LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2021, namely:–– ‘Section 80M of Income tax Act.:- Sub Section (1) Where the gross total income of a domestic company in any previous year includes any income […]
Tax Deducted at Sources Amendment made by Finance Act in TDS applicable from 01st -April-2020 TDS (Tax Deducted at Sources) [Chapter – XVIIB] TDS on payment of Dividend [section 194 and 195 of Income Tax Act ]: With effect from 01st -April-2020. Indian company shall be liable to deduct TDS @ 10% under section 194 […]
Finance Minister announces several relief measures relating to Income Tax and GST/Indirect Tax compliance matters across Sectors in view of COVID-19 outbreak Dated- 24 MAR 2020 Compliance (GST and Income Tax) Current Date Extend last date Income Tax F.Y-2018-19 Last date for Income Tax returns for (FY 18-19) 31st March, 2020 30th June, 2020. Aadhaar-PAN linking […]
The Income-tax Act 1961 does not prescribe any specific books of account for a person engaged in business or in non-specified profession. However, such a person is expected to keep and maintain such book of account and other documents as may enable the Income Tax Assessing Officer (ITO) to compute his total income in accordance […]
