Post by: Peter in Income Tax
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…
Post by: Sreeram Viswanath in Government Initiatives Income Tax
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…
Post by: Chris John in Legal
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…
Post by: Sreeram Viswanath in Compliance 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.…
Post by: IndiaFilings in Compliance Income Tax
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…
Post by: IndiaFilings in Compliance 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…
Post by: IndiaFilings in Government Initiatives 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…