Tag: Assessment

Income Tax Return 2017

From 1st April 2017 onward, the Income Tax department has made easier for taxpayers to file Income Tax Return for salaried individuals. This year the Income Tax department had simplified the form filling process and for the Assessment Year 2017-18, there will be fewer columns, simplifying the tax filing process for people with salary and interest income.

Assessment Procedure

Inquiry before assessment. [ Section 142] Inquiry : (1) The Assessing Officer has power to make inquiry from any person (a) who has made a return under section 139 or (b) in whose case the time allowed under section 139(1) for furnishing the return has expired. For the purpose a notice can be issued for

Compulsory audit of accounts [44AB]

(1) Every person carrying shall, if his total sales, turnover or gross receipts, as the case may be, in business exceeds Rs, 1 crore in any previous year, get his accounts of such previous year audited by a Chartered Accountant before the specified date and furnished by that date the report of such audit in the

Maintenance of accounts by certain person carrying on profession or business [44AA]

1.Person carrying on profession :                      (a) legal meical, engineering or architectural profession or profession of accountancy or interior decoration or authorises representatives, film artists, company secretaries and profession of Information Technology Maintenance of specified books of accounts compulsory.             (a)  if gross receipts in all

Profits-gains business on presumptive basis-Section 44AD

The existing provisions of the Income-tax Act provide for taxation of income on presumptive basis in the case of following business:  1. construction business,(Section 44AD)  2.  income from goods carriages (Section 44AE) and  3. business of retail trade.(Section 44AF) Section 44AD prescribes a method of presumptive taxation for assessee engaged in the business of civil

Return of Income and Assessment Procedure

RETURN OF INCOME The starting point for the assessment of income is furnishing of return of income. Filing of return of income is mandatory for certain category of assessees. Incidental provisions for accompaniments to the return of income, error correction, belated returns have been made. Now filing of the return electronically has been made mandatory