Appeals refers to an act of referring the Case/ Matter/ Situation to a Higher Authority against the Assessment Order/ any other Order Passed by a Lower Authority in respect of that Case or Matter. It implies a complaint to a higher authority against the order or judgement (alleged to be […]
Read MorePayment of Advance Tax and Refund of Tax
Payment of Advance Tax is another method of collection of tax by the Central Govt. in the form of Pre-paid Taxes like TDS & TCS U/s 207-211, 217 & 219. Such advance tax is in addition to deduction of tax at source (TDS) or collection of tax at source (TCS). […]
Read MoreTax Collected at Source (TCS) – Income Tax [Section 206C]
Under section 206C in some cases Tax has to be collected at source as below: Nature of Goods Percentage Rate of Tax Collection at Source(TCS) applicable Category-A (sale of the following) — A-1. Alcoholic Liquor for Human Consumption(other than Indian Made Foreign Liquor) 1% A-2. Tendu Leaves 5% A-3. Timber […]
Read MoreDeduction of Tax at Source (TDS) – Income Tax
Person responsible for making payment of income covered by the Scheme of Tax Deducted at Source (TDS) or Deduction of Tax at Source (TDS) at the prescribed Rates. Tax so Deducted should be deposited within the prescribed Time. Moreover, Returns of TDS (Tax Deducted at Source) should be submitted within […]
Read MorePenalties under Income Tax Act, 1961
1. ‘PENALTIES’ in the event of Defaults under the Income Tax Act, 1961. Under Income-tax Act penalties are imposed either by the departmental authorities in certain cases or are imposed by the court for certain Income-tax offences. The power to impose a penalty is given to Assessing Officer and the […]
Read MoreAssessment of Search, Seizure and Survey of Business or Charitable Trust
1. Assessment of Search and Seizure – Section 132 under Income Tax Act. (A) Authority who can issue order for Search and Seizure: Search and seizure can be authorised by— the Principal Director General of Income Tax/Director General of Income Tax, or the Principal Director of Income Tax/Director of Income […]
Read MoreAssessment of Individual with Computation of Tax Liability
1. Assessment of Individual An individual means a natural person i.e. human being. Individual includes a male, female, minor child and a lunatic or an idiot. In the case of male/female who is a major, income-tax will be levied on his/her Total Taxable Income separately, unless the income is to […]
Read MoreAssessment of HUF with Computation of Tax Liability
1. Assessment of HUF (Hindu Undivided Family) HUF is a separate and a distinct tax entity. The income of a HUF can be assessed in the hands of the HUF alone and not in the hands of any of its members, unless specifically provided by law. However, any sum received […]
Read MoreAssessment of AOP/BOI with Computation of Tax Liability
1. Assessment of Association of Person (AOP) / Body of individual (BOI) AOP or BOI does Not include— a company; a co-operative society; a society registered under the Societies Registration Act, 1860 or under any other law corresponding to that Act in force in any part of India. An AOP […]
Read MoreAssessment of Firm with Computation of Tax Liability
1. Assessment of Firm Legally, a partnership firm does not have a separate entity from that of the partners constituting the firm as the partners are the owners of the firm. However, a firm is treated as a separate tax-entity under the Income-tax Act. Though the limited liability partnership is […]
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