Bar of Application for Advance Ruling Where Matter Pending Consideration before income tax Authorities Section 245R (2) provides for the rejection of application for advance rulings. The said section provides that the Authority may, after examining the application and the records called for, by order, either allow or reject the application. The proviso to this […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Undisclosed Income : CBDT to issue notification to ensure secrecy CBDT is likely to issue a fresh notification making it clear that information about those who declare their black money under the compliance window which ends on September 30 will be kept secret, a senior official said today.
Rich farmers are under Income Tax deptt Scanner IT department has identified rich farmers, who have declared more than Rs one crore as agriculture income, in both the states. “There are many assesse who fall in this category. But, as of now, IT department has identified 72 of them for a detailed scrutiny”, Income Tax […]
Set off and carry forward of losses As per Income Tax Act 1961, a Person as defined in Section 2(31) can set off and Carry forward the losses incurred. It is a big boon to a Person, because it plays an important role on the financial condition of a Person who has incurred such Losses. […]
Presumptive taxation : ITR 4S ITR 4S is a ITR which is applicable for businesses where income is calculated on ‘presumptive method‘. In simple words the presumptive method lets you report your income as 8 per cent of your gross receipts (as per section 44AD of the income tax act) or as Rs 7,500 per […]