Income Tax : Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct ...
Income Tax : Self Assessment Tax alongwith interest is required to be deposited before furnishing the return of income and the proof of such ...
Income Tax : All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asse...
Income Tax : For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the retur...
Income Tax : Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. ...
Income Tax : In order to avoid the last-minute rush for customers paying their income-tax dues, the Reserve Bank on Friday said tax payers may ...
Income Tax : The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in th...
Income Tax : Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the c...
Income Tax : The Mumbai income tax department has detected that self assessment tax worth Rs 1,000 crore has not been paid since September 2008...
Income Tax : Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure ...
Income Tax : Whether CIT(A) is correct in deleting the penalty levied u/s 221(1) by the AO on the ground that assessee has paid the self assess...
Income Tax : CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment o...
Whether CIT(A) is correct in deleting the penalty levied u/s 221(1) by the AO on the ground that assessee has paid the self assessment after the date of filling of return of income?
Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct tax Payment Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the letter to bank.
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 […]
In order to avoid the last-minute rush for customers paying their income-tax dues, the Reserve Bank on Friday said tax payers may use select branches of some public and private sector banks to remit their dues in advance. Some of the branches of State Bank of India, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, Allahabad Bank, Andhra Bank, Bank of India are authorized to accept payment of I-T dues either by cash or cheque, RBI said in a release.
All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asses see is being assessed by an Assessing Officer, he/she is required to file his/her submissions before the respective authority during the course of assessment. All these assessments are popularly known as ‘Scrutiny’ assessments. In case of these assessments, the authority before whom these proceedings are going on is supposed to form his opinion after verifying books of accounts, documents, submissions, proofs, evidences, statement of cross-examination of the parties concerned, etc. by bringing on record all or some of these things from the assessee, his/her representative and also by collecting independent evidences, proofs, documents, etc. To collect information, the assessing authority also can call outsiders by taking his/her statement on oath u/s.131 or u/s.133.
The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for the government to achieve its direct tax target for the year.
For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the returns.The tax department has taken steps to make income tax returns filing easier and simple. In the past few years, there have been many improvements and use of technology by the Income Tax […]
CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The advance tax and self assessment tax is paid directly by the assessee by filling a challan whichbears a unique Challan Identification Number (CIN)
Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the company’s over Rs 240 crore bank accounts for alleged non-payment of tax. “We will file a case against the Income-Tax department at the Madras High Court on Monday,” a company source told PTI. On Friday, the tax […]
Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. Credit is given to the assessee for advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax […]
