Category: Assessment

Assessment of Individual, HUF, AOP/BOI, Firm, Company and Trust for the Assessment Year 2020-21.

Assessment 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 […]

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Assessment 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 […]

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Assessment 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 […]

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Assessment 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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Assessment of Trust with Computation of Tax Liability

1. Formation of a Charitable & Religious Trust (1). Meaning of Trust A” Trust” is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another […]

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Assessment of Company with Computation of Tax Liability

1. Company Taxation-Meaning and Definition Corporate sector is the most widely used form of business Organisation particularly for medium and large-scale business. Under corporate sector, a business is carried on by floating a company duly registered with appropriate authority. Corporate taxation refers to taxation of companies (as defined under Income […]

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