INCOME TAX CATEGORY
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Can a Income Tax return be filed after the due date of ITR ? Can Income Tax Return be filed after due date:- Income Tax Return which has not been furnished on or before the due date specified under section 139(1) of Income Tax Act is called belated return. Belated return of income is furnished […]
Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST of Income Tax Act (as inserted by the Finance Act, 2017 with effect from 1/4/2017) provides that no person shall receive an amount of 2,00,000 Rupees or more, — 1.in aggregate amount from a person in a day; [As […]
What is the meaning of inter-head adjustment in Income Tax? After making intra-head adjustment (if any) the next step is to make inter-head adjustment in Income Tax. If in any year, the Income taxpayer has incurred loss under one head of income and is having income under other head of income, then he can adjust […]
What is assessment under section 143(1)? Scope of assessment under section 143(1) Assessment under section 143(1) of Income tax Act is like preliminary checking of the return of income. At this stage no detailed scrutiny of the Income tax return of income is carried out. At this stage, the total income or total loss is computed after […]
Thanks for extending the last date for ITR Assessment year 2019-20 (Finanicial year ending 31/03/2019) to 30th Sept. 2020. Due Dates (Extension of various time limits under Direct Tax & Benami laws) Extended by the CENTRAL BOARD OF DIRECT TAXES on 24th June 2020 vide Income Tax Notification No. 35/2020-Income Tax. Particular Extended Due Date/Waiver […]
Can a Income Tax return be filed after the due date? Return of income which has not been furnished on or before the due date specified under section 139(1) of Income Tax Act is called belated return. Belated return of income is furnished under section 139(4) of Income Tax Act. Any person who has not […]
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, […]
