As per section 139(4) of Income Tax Act, a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.
The head "Income from house property" is one of the significant heads of income while determining the total income of a taxpayer. This head is a notional head of income.
An appeal is generally filed with ITAT in either Form 36 / 36A. However the forms by themselves are not self-sufficient to file an appeal. The appeal to be filed with ITAT should also be accompanied by GoA and SoF.
Issuance of TDS certificate is an obligation for the deductor and you can check the status of TDS deducted from such certificates.
Section 68 of Income Tax Act is one of the debated section which brings huge numbers of litigation and judgments, especially in case of Demonetisation, we have seen a number of assessment orders have been passed by the assessing officer invoking section 68
Save the dates, know the compliances to be met by this month, August 2020.
Scheme for presumptive taxation was introduced under section 44ADA from the F.Y.2016-17. Section 44ADA provides a simple method of taxation for Specified Small professionals. Earlier, the presumptive scheme of tax was applicable only for small business.
Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property. They earn profits on the sale of residential property and pay the taxes. They can save the tax.
The term "Capital Employed" means the aggregate of the issued share capital, debentures and long-term borrowings, as on the last day of the previous year in which the business of the company commences.
Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers.
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