Calling unnecessary documents in Scrutiny assessments During Scrutiny assessment the A.O waste not only his assessee time but also other parties with whom his assessee had entered into transactions. For verification purpose , notices are issued calling for information, documents, and evidences and sometimes for personal appearance as well.
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.
BUSINESS AND CHARITABLE TRUSTS Under the provisions of section 11 of the Income Tax Act 1961 , the primary condition for grant of exemption to trust or institution in respect of income derived from property held under such trust is that the income derived from property held under trust should be applied for the charitable […]
DIRECT TAXES Rates of income-tax in respect of income liable to tax for the Financial year 2015-2016. In respect of income of all categories of assesses liable to tax for the assessment year 2015-2016, the rates of income tax have been specified in Part I of the First Schedule to the Bill. These are the […]
Black Money – Generation and avoidation Black money means to create funds by non payment of income taxes by way of : – 1. filing income tax return by showing low income . 2. Money earned through bribes and corruption by government employees,officer and politicians. 3. Commission earned through arranging government deals and purchase.
Is Second House Property – Create problem in Income Tax? Is any exemption/deduction is available in income from House Property liable to Tax?