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
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
F&O trading is reported as a business Trading in futures & options must be reported as a business unless you have only a few trades (say if only 2-3 trades) in the financial year. Remember this also applies to individuals. You may have filed ITR-1 or ITR-2 before but you must check ITR form applicability every year based on each income earned in that
To increase the exports from the country and to gain expertise in producing high quality of the goods and services Government encourage exporters to export more to increase Jobs in the country and to raise the standard of living. The Government of India launched export promotion schemes under Foreign Trade Policy which aims to make Indian Goods/Services Cost Competitive in the Global Market, including