Income Tax Scrutiny

Income Tax Scrutiny The English language describes scrutiny as a process of critical observation or examination. In income-tax, scrutiny refers to the act of summoning taxpayers concerning the returns filed during an assessment year. This provision is enacted if the…

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 at cost…

Section 234C of Income Tax Act

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 splash out on a single remittance at the end of the year.…

Delay in Advance Tax Payment

Delay in Advance Tax Payment Advance tax payment must be remitted by all taxpayer having an estimated tax liability of over Rs.10,000. The due date for advance tax payment and procedure for remitting advance tax payment is covered in other…

Advance Tax Payment

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 tax in advance. This payment of tax in advance and in instalments is…

E-Proceedings under Income Tax

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