1. Section 139(9): Defective Income Tax Return In this case, Assessing Officer is of the opinion that ITR filed by the assessee is defective. The assessee is given an opportunity to respond within 15 days from the date of intimation or before it is assessed. If you don’t respond within 15 days then your return will be rejected by the AO. The defect u/s
Section 44AE is as follows: (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an assessee, who owns not more than ten goods carriages at any time during the previous year and who is engaged in the business of plying, hiring or leasing such goods carriages, the income of such business chargeable to tax under the head
What is Form 26AS? Every individual or company that has deducted taxes must credit that amount to the government via banks. Form 26AS is an annual consolidated tax statement generated by the Income Tax Department. It can easily be accessed from the income-tax website by all taxpayers using their Permanent Account Number (PAN). A Form 26AS contains the amount of the tax deducted at source (TDS)
As we are aware that under normal circumstances, tax is levied upon the person, who has earned income. The income tax considers him/her as assessee and income tax will be levied on all income he has earned in previous year. There are three types of assessees such as Resident and Ordinary Resident, Resident but not ordinary resident and non-resident. The income tax will be
Below is the list of compliances to be done by Private Limited Company. The same is to be done in order to avoid late fees and penalty: 1. Appointment of the Auditor The auditor for the Company shall be appointed by the Board of Directors within a period of 30 (Thirty) days from the Date of incorporation of the Company. The appointment shall be
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*. Here are some important features of composition scheme : Manufacturers of goods, dealers, and restaurant owners (applicable only to restaurants that do not