# assessment
10 posts in `assessment` tag
Understanding Penalties for Under-reporting and Misreporting Income under Section 270A of the Income Tax Act
Section 270A of the Income Tax Act imposes penalties on taxpayers who under-report or misreport their income. This blog post provides a detailed explanation of the provisions of Section 270A, including the definition of under-reported income, the instances of under-reporting, and the calculation of the penalty. It also discusses the consequences of non-compliance and provides tips for avoiding penalties.
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By Krishna
Understanding Section 115BAC of the Income Tax Act, 1961
Discover Section 115BAC, an alternative tax regime introduced in India, offering lower tax rates with fewer deductions. This comprehensive guide covers its implications, filing process, pros, and cons, empowering taxpayers to make informed decisions.
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By Krishna
The Importance of Maintaining Books of Accounts for Income Tax Purposes in India
Maintaining accurate and up-to-date books of accounts is essential for income tax compliance and financial management. This article explores the importance of maintaining books of accounts for income tax purposes, including the benefits, legal requirements, and best practices for record-keeping. By following best practices for record-keeping, businesses can ensure compliance with income tax laws and regulations, improve financial transparency, and make informed decisions for growth and success.
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By Krishna
Submit Form 36 Online: Initiating Appeals with the Income Tax Appellate Tribunal
Filing a tax appeal in India just got easier! This guide explains how to electronically submit Form 36, the key document to initiate an appeal with the Income Tax Appellate Tribunal (ITAT) if you disagree with your tax assessment. Learn the steps for a smooth online filing process and fight for a fair resolution.
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By Krishna
Demystifying Income Tax Assessments in India
This guide unravels the complexities of income tax assessments in India. Learn about the different types of assessments, including self-assessment, scrutiny assessment, and summary assessment. Understand how each assessment works and what to expect from the Income Tax Department. The guide also emphasizes the importance of timely and accurate ITR filing to avoid assessments before an Assessing Officer.
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By Krishna
Income Tax Department Announcement ITR Form FY 2023-24 AY-2024-25
These changes will come into effect from April 1st, 2024. The notification also highlights the importance of checking Form 26AS before filing income tax returns. For complete details, please refer to the notification.
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By Krishna
Guide to the Duty Drawback Scheme under the GST Act 2017
A Comprehensive Guide to the Duty Drawback Scheme under the GST Act 2017: Exploring Various Provisions
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By Krishna
Income Tax Calendar for December 2023: Key Deadlines You Should Not Miss This Month
All taxpayers must be mindful of important deadlines related to their income tax responsibilities. December 2023 presents several key dates that require attention.
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By Krishna
Tax Deadline Reminder: File Your Updated Return for Assessment Year 2021-2022
The Income Tax Department reminds taxpayers of the approaching deadline to file the Revised Income Tax Return (ITR) for the Assessment Year 2021-2022.
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By Krishna
Delhi High Court Clarity Time Limits Income Tax Assessments
This decision is welcomed as it will benefit taxpayers facing belated reassessment proceedings involving undisclosed income of less than Rs.50 lakh.
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By Krishna