Direct taxes and corporate tax law & planning..

  Appeal & Revision    ' A ppeal ’ means ‘making a request’ and in legal parlance, it means ‘apply to a higher court for a reversal of the decision of a lower court’.                    In India, the taxpayer computes the tax payable on his total income and pays to the government. If the Income Tax department (the government) disagrees with the tax computed by the taxpayer, they can levy an additional tax. Under Income Tax Act, the liability is determined at the level of Assessing Officer (it can be Income Tax Officer (ITO) or Assistant/Deputy Commissioner of Income Tax)                    A tax payer aggrieved by various actions of Assessing Officer (say higher tax demand) can appeal before Commissioner of Income Tax (Appeals). Further appeal can be preferred before the Income Tax Appellate Tribunal. On substantial question of law, further appeal can be filed before th...

  Advance payment of tax  Liability for payment of advance tax (1 ) Tax shall be payable in advance during any financial year, in accordance with  the provisions of sections 208 to 219, in respect of an assessee’s current  income i.e. the total income of the assessee which would be chargeable to tax  for the assessment year immediately following that financial year [Section  207].  (2) Under section 208, obligation to pay advance tax arises in every case where  the advance tax payable is Rs.  10,000 or more. Note - An assessee who is liable to pay advance tax of less than Rs.  10,000 will not  be saddled with interest under sections 234B and 234C for defaults in payment of  advance tax. However, the consequences under section 234A regarding interest  for belated filing of return would be attracted. (3) In case of senior citizens who have passive source of income like interest, rent,  etc., the requirement of payment ...

1. submission of return of income  **2. Procedure for assessment  3. penalties and prosecution 4. interest **5. Advance payment of tax 6. Assessment of companies ( Notes shared in Whatsapp group, plz check) 1Q) SUBMISSION OF RETURN OF INCOME: The Income-tax Act, of 1961 contains provisions for filing of return of income. Return of income is the format in which the assessee furnishes information as to his total income and tax payable. The format for filing returns by different assessees is notified by the CBDT. The particulars of income earned under different heads, gross total income, deductions from gross total income, total income, and tax payable by the assessee are generally required to be furnished in a return of income. In short, a return of income is the declaration of income and the resultant tax by the assessee in the prescribed format. COMPULSORY FILING OF RETURN OF INCOME  [SECTION 139(1)]: (i) Companies and firms (whether having profit or loss or nil...