Public Provident Funds

By |2017-07-12T13:13:51+00:00July 1st, 2017|Categories: Advanced Concepts|

Introduction PPF is an investment option to save taxes and earn assured returns. It is a very easy process to open a PPF account. One can open it at a Post Office or more easily at the designated banks (State Bank of India, ICICI Bank, Axis Bank and Punjab National Bank).Indian Government has taken the initiative of PPFwhich [...]

Types of Assessments under Income Tax

By |2020-03-16T10:21:43+00:00June 29th, 2017|Categories: Advanced Concepts, IT Assessment|

Introduction The process of examination of ITR by the Income Tax Department is called "Assessment". The assessment also includes re-assessment and best judgment assessment under section 147 and 144 respectively and the different type of income tax assessment. Types of Income Tax Assessment: Self Assessment –u/s 140A Summary assessment –u/s 143(1) Scrutiny assessment –u/s 143(3) Best [...]

Set Off & Carry forward of capital losses

By |2017-07-12T13:28:37+00:00June 27th, 2017|Categories: Advanced Concepts|

Introduction It would be unfair if an individual was taxed on one part of his income when he has incurred capital losses from another source and it is yet to be written off. Keeping this in mind the legislature affected the provisions of set-off and carry forward of losses so that an assessee would not have [...]

Search and Seizure Powers under Income Tax Act

By |2020-03-16T10:23:32+00:00June 24th, 2017|Categories: Advanced Concepts|

Introduction It was since 1956 that the provisions of search and seizure had made its first entry into the Income Tax Act, 1961. Finance Act, 1964 was substitutes of Section 132. Two committees had made certain recommendations on the search and seizure provisions that are The Raja Chellaiah Committee and, The Kelkar Committee. The article below [...]

Advance Tax Payment Advance Tax Payment is basically an advance payment of tax if the tax liability is more than ₹ 10,000

By |2019-01-05T04:59:40+00:00June 23rd, 2017|Categories: Advanced Concepts|Tags: , , , , , , , , , , , , , , , , , |

Advance Tax Let's be very frank, paying taxes is not fun for anyone. Thus, it will be a huge relief if you are done and dusted with taxes as soon as possible. The calculation of the income tax, as well as, e-filing income tax can sometimes turn out to be a very tedious and lengthy process. [...]