Posted On:  6 days ago


Procedural aspects while conducting e-assessment of Scrutiny under Income Tax : CBDT

Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides that “hearing” includes communication of data and documents through electronic mode. Accordingly to facilitate conduct of assessment proceedings electronically, vide letter dated 23.06.2017, in file of even number, Board had issued a revised format of notice(s) under section 143(2) of the Act.

article author One Roof Consultant

Posted On:  3 weeks ago


100 Key Highlights of Union Budget 2018 presented by FM Arun Jaitely FY 2018-19

No changes in person tax structure for salaried class and No change in Slab Rates 1.44 lakhs crores paid by salaried tax payers.  Standard deduction of Rs 40,000 for salaried taxpayers, in lieu of transport and medical reimbursements for salaried classes Govt will have a scheme to give every enterprise in India a unique ID

article author CA Chirag Chauhan

Posted On:  1 month ago


Provisional Assessment in GST

A supplier will come to know the extent of his tax liability which has to be discharged on a continuous and regular basis only after assessment. Assessment means determination of tax liability and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. The major determinants of the tax liability are generally the applicable tax rate and the value.

article author One Roof Consultant

Posted On:  1 year ago


CBDT: Honest taxpayers will be treated with dignity and courtesy

It is the collective vision of the Income Tax Department to partner in the nation building process through progressive tax policy, efficient and effective administration and improved voluntary compliance. A taxpayer friendly service delivery mechanism provided by a disciplined, motivated and enthused workforce is one of corner stones to achieve this vision. When seen in the back drop of the overarching agenda of “Transform, Energise and Clean India” as conveyed by the Hon. Finance Minister during his budget speech , 2017, it becomes all the more necessary to integrate our

article author One Roof Consultant

Posted On:  2 years ago


Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have paid not full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to 45% of such undisclosed income declared.

article author AMBUJ JAIN

Posted On:  2 years ago


Features and Step wise process - Income Declaration Scheme 2016 – Convert your Black Money to White

Features and Step wise process - Income Declaration Scheme 2016 The Income Tax Department has come up with the Income Declaration Scheme 2016 which gives chance to Individual to come clean and declare their undisclosed investment, income, assets. The Center government has announce the scheme in Budget 2016. The Scheme Requires investment to be revalued as on 1 June 2016 and tax is to paid on fair market value of such assets which may not sound positive for declarants as assets have to be revalued. However confidentiality of declarant and immunity for prosecution, is very positive for declarant. In case the black money is not disclosed in this scheme and the undisclosed income will be liable to pay 300% of Penalty, interest , etc and also tax payer will be prosecuted. So to avoid such circumstances the scheme can be utilized to disclose black income and come clean. The Article introduce with feature and process of the scheme.

article author CA Chirag Chauhan

Posted On:  2 years ago


100 Key Highlights of Union Budget 2016 presented by Arun Jaitely

Union Budget is presented by Arun Jaitely Today. Following are the Key Changes in The Budget from the Finance Minister Speech

article author CA Chirag Chauhan

Posted On:  2 years ago


Assessments under Income Tax -Summary assessment 143(1), Scrutiny assessment 143(3), Best judgment assessment 144, Income escaping assessment 147

Assessment means detailed checking of the return filed it is done by the income tax department. This article provides on overview on assessment carried out by the income tax department, Summary assessment, Scrutiny assessment, Best judgment assessment, Best judgment assessment procedure and time limit and other provision related to assessment.

article author CA Chirag Chauhan

Posted On:  2 years ago


Reference to Valuation officer for Capital Asset Valuation - Section 55A income Tax

At times in the process of completion of the assessment of a taxpayer or for any other purpose,the tax authorities need to ascertain the value of any capital asset. In such a case, the taxauthorities can make a reference to the valuation officer for ascertaining the value of thecapital asset. Section 55A contains the provision relating to the power of the tax authorities formaking a reference to the valuation officer for ascertaining the value of a capital asset. In thispart you can gain knowledge about various provisions of section 55A.

article author CA Chirag Chauhan