Section 139(3) If a person has sustained a loss under the head Profits and gains of business or profession or under the head Capital Gains and claims that such loss should be carried forward under section 72 or section 73 or section 74 or section 74A, then he may furnish a return of loss within the time prescribed under section 139(1) and all provisions of the Income-tax Act shall apply as if it were a return furnished under section 139(1).
We have analysed following two entries relating to Excise Act 1944 Union List. Entry No 84 Duties of excise on tobacco and other goods manufactured or produced in India except alcoholic liquors for human consumption, Opium, Narcotics but including medicinal and toilet preparations containing alcoholic liquors, Opium, Narcotics. State List. Entry No 51 Duties of […]
Self Assessment Tax alongwith interest is required to be deposited before furnishing the return of income and the proof of such payment should be attached with the return of income. Note 1: Where the amount paid by the assessee under section 140A is less than the amount required to be paid under section 140A, then […]
Understand the concept of belated return explained with practical examples. Learn about the time limits and regulations for filing a belated return.
The company which is incorporated outside India is a Foreign company. Residential status of foreign company shall depend upon place of effective management. Place of effective management to mean a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance […]
To win pending cases in tax laws. Indian Govt. has carried out retrospective amendment in tax laws from very inception of tax laws i.e. 1962. The retrospective amendment should be carried out when the cases are pending in Courts. When assessee takes advantages of loopholes in tax laws and win the cases in lower courts […]
Permanent account number means a number which the Assessing Officer may allot to any person for the purpose of identification and includes a permanent account number having ten alphanumeric characters and issued in the form of a laminated card. [Form 49A].
If any person having furnished a return under section 139(1) or in pursuance of a notice issued under section 142(1) [original return], discovers any omission or wrong statement therein, then he may furnish a revised return at any time on or before the expiry of one year from the end of the relevant Assessment Year (AY 2) or before the completion of assessment*, whichever date is earlier. [* Scrutiny assessment or best judgement assessment]
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The Finance Act 2015 comes with many additional benefits for an individual assessee. Here an attempt is made to discuss all provision providing additional benefits to assessee by finance act. Particulars of Tax Benefits Exiting Provision Deduction / Benefit allowed Effective Date of Amendment Tax benefits under section 80C for the girl child under the […]
