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Can a Income Tax return be filed after the due date of ITR ?-Under Section 139(1)

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 […]

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What is the procedure adopted for making the assessment under sec 143(3) of Income Tax Act i.e. scrutiny assessment?

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. […]

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What recourse is available to me if I am not satisfied with the order passed by my Income Tax Assessing Officer/ Commissioner (Appeals)/ITAT ? || Income Tax Appeal Form/ Fees/ Time limit

What recourse is available to me if I am not satisfied with the order passed by my Income Tax Assessing Officer/ Commissioner (Appeals)/ITAT ? || Income Tax Appeal Form/ Fees/ Time limit If you are not satisfied with the order passed by your Income Tax Assessing Officer then you can file an appeal to the […]

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Can remuneration received by spouse of an individual be clubbed with his/her Income/ income tax return?

Can remuneration received by spouse of an individual be clubbed with his/her Income CLUBBING OF INCOME IN INCOME TAX ACT– Under certain circumstances as given in section 64(1)(ii) of Income tax law, remuneration /salary received by the spouse of an individual from a concern in which the individual is having substantial interest is clubbed with […]

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What are the provisions framed under the Income tax law/Act in relation to carry forward and set off of business loss other than loss from speculative business ?

What are the provisions framed under the Income tax law/Act in relation to carry forward and set off of business loss other than loss from speculative business? Set off of business loss– The set off of loss from house property against income from any other source is restricted to 2 lakh rupees per annum. [w.e.f. […]

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Do any clubbing provisions exist in case of transfer of income without transfer of asset in Income tax Law ?

Do any clubbing provisions exist in case of transfer of income without transfer of asset in Income tax Law ? As per section 60 of income tax act​​, if a person transfers inco​me from an asset owned by him without transferring the asset from which the income is generated, then the Housing income from such […]

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What is assessment under of section 143(1) of Income tax Act 1961? ||Scope of assessment under section 143(1)

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 […]

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Presumptive Taxation Scheme of section 44AD || F & Q on Presumptive Taxation Scheme of section 44AD

Presumptive Taxation Scheme of section 44AD Section 44AD:- Meaning of presumptive taxation scheme- ​​​As per sections 44AA of the Income tax Act, 1961, a person engaged in business or profession is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has […]

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Article on Tax audit ||Objective of tax audit ||Tax audit applicability (As per section 44AB) || If a person/taxpayer is required by or under any other law to get his accounts audited|| Forms for tax audit|| Late fees/penalty

​​​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 […]

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Eligible Business under section 44AD ||Who is eligible and not eligible to take advantage of the presumptive taxation scheme of section 44AD?

​​​​​​​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, […]