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 […]
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. […]
Capital Gains Exempt Under Section 10 Section 10 of Income Tax law provides list of incomes which are exempt from tax amongst those the major exemptions relating to capital gain are as follows: Section 10(33) of Income tax act: Long-term or short-term capital gain arising on transfer of units of Unit Scheme, 1964 (US 64) […]
Scope of assessment under section 143(1) Income Tax Assessment under section 143(1) of IT Act is like preliminary checking of the Income Tax Return. At this stage no detailed scrutiny of the Income tax return is carried out. At this stage, the total income (profit) or loss is computed after making the following adjustments (if […]
Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for […]
Article on Tax audit Tax audit Meaning The dictionary meaning of the term “audit” is check, review, inspection, examination etc. There are various types of audits prescribed under different laws like company act requires a company audit, cost accounting law requires a cost audit, GST act required a GST audit etc. The Income tax law […]
Payment of advance tax on Senior Citizen Payment of advance tax–As per section 208 of Income Tax Act, every person whose estimated tax liability for the year is 10,000 Rupees. or more, shall pay his tax in advance, in the form of “advance tax“. However, section 207 of income tax act gives relief from payment of advance tax […]
What is limited scrutiny in Income Tax? In case of Income Tax assessment two types of cases have been selected for scrutiny ‘Limited Scrutiny‘ ‘Complete Scrutiny’. The Income tax assess concerned have duly been intimated about their cases falling either in Limited Scrutiny’ or Complete Scrutiny’ through notices issued by department under section 143 (2) of […]
Eligible Business under section 44AD The presumptive taxation scheme of section 44AD of income tax Act 1961 can be adopted by following persons: Resident Individual Resident Hindu Undivided Family (HUF) Resident Partnership Firm (not LLP (Limited Liability Partnership Firm) Section 44ADA of Income Tax Act for AY 2018-19 {Section 44AD in Hindi} In other words, […]
