Breaking News: Income Tax Return and Audit Report Due Dates Extended Central Board of Direct Taxes (CBDT) has extended the due date for Income tax Returns and Audit Reports to...

Today, on the 24th of September The Central Board of Direct Taxation (CBDT) released in which Income Tax Return and Audit Report due dates extended to 15th October from 30th of September. This due date was pushed forward in lieu of a request made by various stakeholders across many organizations. However, the due date for purpose of Explanation 1 to [...]

By | September 24th, 2018|Categories: IT Notices|Tags: , , , , |0 Comments

Income from Salary

Income from salary is the income or remuneration received by an individual for services he is rendering or a contract undertaken by him. This clause essentially assimilates the remuneration received by a person for the services provided by him under the contract of employment. This amount of remuneration will be considered as income for the purposes of Income Tax Act only [...]

By | July 15th, 2017|Categories: Advanced Concepts, Salary|0 Comments

Notice u/s 156 – Notice for Demand

Section 156 tax notice is the notice of demand issued by the Income Tax Department when any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed. The section 156 tax notice of demand will specify the sum which is payable. This demand notice is generally accompanied by an intimation notice under section 143(1) [...]

By | July 11th, 2017|Categories: IT Notices|0 Comments

Notice u/s 245 – Intimation to set off Demand and Refunds

Section 245 Tax notice is the notice by the income tax department to the assessee in whose return the IT Department feels that there's an outstanding demand from earlier years and a refund is claimed in another assessment year. In such a case as per section 245, the AO may adjust refund against the tax demand which is outstanding from [...]

By | July 11th, 2017|Categories: IT Notices|0 Comments

Notice u/s 143(2) – Scrutiny Assessment Notice

Section 143(2) tax notice is the statutory notice which is issued to an assessee for a Scrutiny Assessment of his return. It is sent in a case where the return has either been filed by the assessee himself (Self Assessment) or in response to a notice u/s 142(1) and the Assessing Officer (AO) wants to ensure that the assessee has not understated [...]

By | July 10th, 2017|Categories: IT Notices|0 Comments

Notice u/s 142(1) – Inquiry Notice Before Assessment

If a person receives a notice from the Income Tax Department, it can make such a person worry. Notices to the assessees are issued by income tax department under the various provisions of the Income Tax Act. The purpose behind the issuance of notices is greater tax compliance. If a person understands these notices properly, then he will be less worried [...]

By | July 10th, 2017|Categories: IT Notices|0 Comments