Tax Slab for FY 2018-19 (AY 2019-20) : Income Tax Rates The Interim Budget released redefined the income tax slab rates for individuals . Here's a brief overview of the same

By |2020-09-14T04:20:42+00:00February 9th, 2019|Categories: IT Notices|Tags: , , , , , , , , , |

 Income Tax Slab Rates: Highlights of 2019 Budget Tax Rebate  to individuals who are in ₹ 5lakh income tax slab rate Increase in the standard deduction, tax saving of ₹13,520 for 5 lakh bracket Please Note: This is applicable for the new Finacial Year 2019-20 The following article discusses the tax slab rates for the financial [...]

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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...

By |2019-02-02T08:44:18+00:00September 24th, 2018|Categories: IT Notices|Tags: , , , , |

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 [...]

Notice u/s 156 – Notice for Demand

By |2020-03-16T10:19:15+00:00July 11th, 2017|Categories: IT Notices|

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

By |2020-03-16T10:28:03+00:00July 11th, 2017|Categories: IT Notices|

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 [...]

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

By |2017-07-12T07:25:30+00:00July 10th, 2017|Categories: IT Notices|

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 [...]

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

By |2020-03-16T10:20:21+00:00July 10th, 2017|Categories: IT Notices|

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 [...]