Income Tax Assessment Related Articles

Sep - 2019

17

Guidelines for Selection of Income Tax Scrutiny Cases

Guidelines for Selection of Income Tax Scrutiny Cases

Guidelines for Selection of Income Tax Scrutiny Cases The Ministry of Finance released the guidelines for selection of income tax scrutiny cases for the financial year 2019-20 on 5th September 2019. The guidelines shall evaluate the under-reporting income and loss of taxes with an unbiased view. Th ...

Jan - 2019

30

Income Tax Scrutiny

Income Tax Scrutiny

Income Tax Scrutiny Income-tax scrutiny refers to the act of summoning taxpayers for making enquiries about the returns filed in relation to an assessment year. The provision regarding Income Tax Scrutiny is invoked if the concerned tax officials have a reason and evidence to believe that the expen ...

Dec - 2018

05

IAS 38: Intangible Assets

IAS 38: Intangible Assets

IAS 38: Intangible Assets IAS 38: Intangible Assets outlines the accounting requirements for intangible assets. Intangible assets are non-monetary assets which are without any physical substance and identifiable. Intangible assets that meet the relevant recognition criteria are initially measured a ...

Nov - 2018

22

Section 234C of Income Tax

Section 234C of Income Tax

Section 234C of Income Tax Advance tax is an income tax mechanism that facilitates the taxpayers to make their payments in multiple instalments instead of forcing them to spend on a single remittance at the end of the financial year. Like all tax payments, advance tax should be remitted within the ...

Mar - 2018

29

Section 234B of the Income Tax Act: Fines & Penalties Imposed by the IT Department

Section 234B of the Income Tax Act: Fines & Penalties Imposed by the IT Department

Section 234B of the Income Tax Act: Fines & Penalties Imposed by the IT Department “Section 234B of the Income Tax Act imposes interest on defaults in advance tax payments, calculated at specified rates for a defined time period.” Section 234B of the Income Tax Act deals with the penal inter ...

Mar - 2018

29

Advance Tax Payment - Section 208 of Income Tax

Advance Tax Payment - Section 208 of Income Tax

Advance Tax Payment - Section 208 of Income Tax Any person having an estimated tax liability of Rs.10,000 or more in a year is required to pay advance tax to the government. This payment of tax in advance and in instalments is, however, not required for taxpayers who are senior citizens and not hav ...

Mar - 2018

26

E-Proceedings under Income Tax

E-Proceedings under Income Tax

E-Proceedings under Income Tax E-proceedings refers to a digital platform for conducting scrutiny assessment proceedings in an end to end manner. The platform was created by the Income Tax department to bring about transparency and efficiency in the income tax scrutiny procedure. The Income Tax dep ...

Mar - 2018

23

Scrutiny Assessment under Income Tax - Section 143(3)

Scrutiny Assessment under Income Tax - Section 143(3)

Scrutiny Assessment under Income Tax - Section 143(3) Income tax assessment is the process of verification of the information a taxpayer has provided in the returns submitted by a taxpayer to the income tax department. The Income Tax department assesses after an assessee FFilinginges an income tax ...

Jan - 2018

12

Principles of Income Tax Assessment

Principles of Income Tax Assessment

Principles of Income Tax Assessment An income tax assessments is a procedure which is performed to determine the taxability, as well as the income and losses of a tax-payer. Assessments are done for a specified tax period. In this article, the principles underlying an income tax assessment are exa ...

Jan - 2018

08

Types of Income Tax Assessment

Types of Income Tax Assessment

Types of Income Tax Assessment The Income Tax Act of 1961 mandates every person falling within the taxable bracket to file their income tax return before the due date. Post submission of the return, the Income Tax Department goes on to verify the accounts and assess the taxability. This process is ...

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