self assessment - Page 2

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 |

Frequently asked question on Annual Tax Statement (ATS)

What is the annual tax statement? The annual tax statement is a list that contains details about all the tax deducted at source (TDS) or tax collected at source (TCS) for a particular permanent account number. This amount may be deducted either by an employer in case of salaried individuals or by bank for fixed […]...

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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

Income Tax – It is impermissible to convert assets to cash and thereafter impound the same;

: A search and seizure was conducted by the revenue (respondents) in the premises of the appellants (KCC software Ltd), pursuant to warrants of authorization dated 3.8.2005. On 4.8.2005 certain assets including jewellery, cash and fixed deposit receipts were seized. On that very day, appellants received a letter from the HDFC Bank at B-28...

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Posted Under: Income Tax |

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September 2021