The rights of the person to be searched by the income tax officer are to see the warrant of authorisation duly signed and sealed by the issuing authority…
What are the rights of the person to be searched by the income tax officer ?
What are defective returns under income tax ?
According to the explanation appended to section 0439(9), a return of income shall be regarded as defective unless all, the following conditions arc fulfilled…
What are the conditions required to achieve residential status of an individual ?
The conditions required to achieve residential status of an individual are an individual will be a resident and ordinarily resident in India if he fulfills one or both basic conditions and both additional conditions…
What are the incomes chargeable to income-tax under the head ‘Salaries’ ?
The following incomes shall be chargeable to income-tax under the head ‘Salaries’ like salary due from the present or former employer in the previous year, whether paid or not…
What are benefits that are not taxable under income tax act in India ?
Strictly speaking while the value of all benefits can be taxed, in practice lot many benefits are declared as tax-free by way of issue of executive instructions or sometimes by force of certain other enactments…
What are the different systems of accounting ?
Section 145(1) provides, Interalia, that income chargeable under the head “income from other sources” shall be computed in accordance with the method of accounting regularly employed by the assessee…
What are the steps required for computation of tax payable under income tax ?
The steps required for computation of tax payable are first compute income under different heads and applying the rules of set off and carry forward and set off of losses….
What are the 11 items that are held as capital expenditures ?
The following have been held to be capital expenditure like Expenses incurred in connection with litigation relating to utilization of capital asset for a business-Plastic Products Ltd. v CIT [1966]62 ITR 209…
Who is directory general or Director and what are his power ?
Director General/Director arc appointed by the Central Government and they work under the supervision of the Board. The powers are assigned to them by the Board…
What are the duties of tax planning department in India ?
Duties of tax-planning department are keeping full knowledge of corporate objectives and functioning of various departments, salary structure details of executives working at different levels…
What is tax avoidance and tax evasion?
Tax avoidance is an exercise where the assessee tries to take advantage of the loopholes of law and by-passes it. With all this he remains outside the purview of law. Without resorting to illegal ways one effects a reduction in one’s tax liability…
What is tax planning under income tax in India ?
General Planning is today indispensable. It involves deciding in the present what is to be done in future, how it is to be done and the timing thereof. The Government has to resort to economic planning in order to…
What is annual value and what are the deductions from it ?
According to section 23(1.), the annual value of any property shall be deemed to be the sum for which the property might reasonably be expected to let from year to year subject to deduction on account of municipal taxes…
What are the powers of Assessing officers ?
The expression Assessing Officer will mean an ITO, Assistant Commissioner or a Deputy Commissioner who is vested with powers to assess. AO is the first and foremost officer of the Department who comes in contact…
How previous year is determined for income tax assessment ?
‘Previous Year’ u/s 3(1) means the financial year immediately preceding the assessment year. It is determined for income tax assessment in the following ways…
What is penalty under income tax ?
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