Cost Inflation Index for AY 2019-20, FY 2018-19 for Long Term. Capital gain is the profit you make on selling an asset. It can be stock, real estate, mutual funds, jewellery etc. If you are selling an asset after one year from the date of its purchase, the profit becomes a short term capital gain. If […]
Section 143(3) – Scrutiny Assessment under Income Tax Act. This article is about the scrutiny assessment notices received by the assessee in cases where the income tax officer has doubt about the authentication of the income. I have discussed about the matter regarding scrutiny time limit, why only your case is selected, what do when the […]
Income Tax Assessment Procedure. Types of Assessments as per income tax act. We all know that every assessee whose income exceeds the Basic Exemption Limit is required to file a return of income. If the return is not filed or late filed, penalty and/ or interest can be imposed on the assessee. Also, you must have […]
Income Tax Raids, Notices, Assessments – Reasons behind it, The article is mainly about why the Income tax officials conduct raids at your office or house or any other places. This article is written for guiding every person to avoid such mistakes, which helps the income tax officials to find the mistakes done by common man […]