self assessment

Various Type of Assessment & amp; Study of Best Judgement Assessment

Income Tax - Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

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Best Judgment Assessment – A Critical Analysis

Income Tax - The definition of assessment has not been provided with the IT Act4, but a perusal of the term within the scope of the Act makes it obvious that it implies an investigation and ascertainment of the correctness of the returns and accounts filed by the Assessee. Essentially the assessment would evidently mean determination of the quantum of...

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Assessment of Firms

Income Tax - Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

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Understanding Section 143 of Income Tax Act, 1961

Income Tax - An assessee is required to file an income tax return under Section 139 or in response to notice under section 142, consisting all the details of income earned during the previous year. Once the return is filed the next step of Income tax department is to examine the return for its correctness. This examination is known as Assessment....

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Taxability of Resident Welfare Associations under Income Tax Act

Income Tax - Resident welfare association (RWAs) is categorized as Association of Persons (AOP) under Income Tax Law. They act as the voice of their members and not only take care of ensuring good maintenance of the place but also represent members when and where needed on matters related to the place. Theses associations run on subscriptions obtained...

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Tax Credits Available In the Annual Tax Statement for A.Y. 2008-09

Income Tax - The Income Tax Department (ITD) creates Annual Tax Statement of each taxpayer using their Permanent Account Number (PAN) as identifier. The tax statement contains details of tax paid by the taxpayer himself (self assessment/advance tax) and also details of tax deducted/collected from him during the financial year. ...

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Recent Posts in "self assessment"

Various Type of Assessment & amp; Study of Best Judgement Assessment

Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

Read More
Posted Under: Income Tax |

Best Judgment Assessment – A Critical Analysis

The definition of assessment has not been provided with the IT Act4, but a perusal of the term within the scope of the Act makes it obvious that it implies an investigation and ascertainment of the correctness of the returns and accounts filed by the Assessee. Essentially the assessment would evidently mean determination of the quantum of...

Read More
Posted Under: Income Tax |

Assessment of Firms

Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

Read More
Posted Under: Income Tax |

Understanding Section 143 of Income Tax Act, 1961

An assessee is required to file an income tax return under Section 139 or in response to notice under section 142, consisting all the details of income earned during the previous year. Once the return is filed the next step of Income tax department is to examine the return for its correctness. This examination is known as Assessment....

Read More
Posted Under: Income Tax |

Taxability of Resident Welfare Associations under Income Tax Act

Resident welfare association (RWAs) is categorized as Association of Persons (AOP) under Income Tax Law. They act as the voice of their members and not only take care of ensuring good maintenance of the place but also represent members when and where needed on matters related to the place. Theses associations run on subscriptions obtained...

Read More
Posted Under: Income Tax |

GST शास्त्र : Walk through assessment, show cause notice and penalties provisions (Part 1)

Introduction : Amidst the crisis of Coronovirus, it is difficult to predict the lifting up of lockdown and life immediately after lockdown. We all hope that sooner life will be back to normal and safer. However, what we can possibly predict is that the future of GST will be of assessments, show cause notices and […]...

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Posted Under: Income Tax |

CBDT Strategy to ensure Quality in Assessment Work for 2016-17

Framing of Quality Assessments is an essential part of any risk management strategy. Quality of Assessments is being used as one of the most important indicator to judge the performance of tax department. Therefore, it is imperative that various authorities in the hierarchy of Income-tax Department discharge their respective roles in the ...

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Posted Under: Income Tax |

Self Assessment Tax explained in simple manner with charts and diagrams

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 […]...

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Posted Under: Income Tax |

A collective understanding of Assessment Procedures

Self Assessment u/s 140A: This simply means that the person is calculating his own tax liability and thereafter filing ITR after payment of self calculated tax. Since assessee himself calculates the tax and income, it is called as self assessment....

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Posted Under: Income Tax |

Confiscation of goods cleared for home consumption

To Confiscate means to appropriate private property to public treasury. Thus after confiscation the goods becomes a property of the government and the government candeal with it as it wants. Through option of redemption fine, government offers to some person to take ownership of the goods. Redemption fine is not a penalty and it has no pe...

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Posted Under: Income Tax |

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