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A Deductions from business profits 1. Rent, rates, taxes, repairs (excluding capital expenditure) and insurance for premises 30 Actual expenditure incurred excluding capital expenditure 2. Repairs (excluding capital expenditure) …
Income chargeable under the head “ Profit and Gains of Business or Profession” or “ Income from other sources” shall be computed in accordance with either cash or mercantile …
Re assessment process is started by the AO if he has reason to believe that any income chargeable to tax has escaped assessment for any assessment year. The objective …
1. In following situations the AO can make the Best Judgement Assessment If the person fails to make the return as required U/ 139(1) He has not made a …
1 Scrutiny Assessment is the examination of ITR by giving the opportunity to the assessee to provide the evidence regarding the income declared and the expenses, deduction, losses, exemptions …
Summary Assessment is the preliminary checking of the return of income. An intimation having a comparative income tax computation i.e. as filed by the assessee in income tax return …
Simple Points: Self Assessment is the assessment made by the assessee himself before the filing of the income tax return. Assessee calculate his income from all available source of …
In income tax every person should file their income tax return whose income is above tax exemption limit. After filing the income tax return such return are processed and …
According to section 2(47), Transfer of capital asset includes: ( a ) Sale ( b ) Exchange ( c ) Relinquishment ( d ) Extinguishment of any Right ( …
According to section 2(14), a capital asset means – (a) Property of any kind held by an assessee, whether or not connected with his business or profession; (b) Any …
