akhilesh's blog

Despite anything in section 145 that says the opposite, for the purpose of calculating the income chargeable under the category "Profits and profits of business or profession," the valuation of purchases and sales of goods and inventories should be in accordance with the system of accounting usually employed by the taxpayer and further modified to take into account any tax, duty, cess, or charge (by whatever term

A tax demand is sent to a taxpayer when he neglects to complete a tax return or reveal his actual taxable income. The reason for this is that tax authorities have evidence that the taxpayer has more income than he has declared as taxable. Even if the tax return was previously evaluated and the assessment was closed, this is still conceivable. Reopening of assessment or reassessment procedures are the names of these processes.

Whenever an estimate of the valuation of any investment referred to in Sections 69 or 69B, or the value of any bullion, jewellery, or other valuable item referred to in Sections 69A or 69B 8, or the fair market price of any real estate referred to in Subsection (2) of Section 56 is required to be created for the purposes of determining an assessment or reassessment under this Act, the assessing officer may involve the valuation officer to make an estimation of such value and

As the name implies, it is a review of the information we provided before the Assessing Officer makes a final determination. The assessee would find themselves in severe positions if they fail to reply to this form of notice. Prior to or following the assessment of the assessee's tax return, this notification may be delivered.

If any tax is due depending on a return that must be filed in accordance with Sections 115WD, 115WH, 139, 142, 148, Section 153A, or, as applicable, Section 158BC, then, after taking into consideration:-

Any officer, authority, or body conducting any functions under any law relating to the imposition of any tax, duty, or cess, or to interactions in foreign exchange as defined in section 2(d) of the Foreign Exchange Regulation Act, 19478 (7 of 1947), may receive from the Board or any other revenue authority specified by it by a general or special order in this regard.

Despite anything to the contrary in any other provision of this Act, an income-tax authority may, in order to gather any data that may be relevant or helpful for the purposes of this Act, enter any structure or location inside the boundaries of the territory under such control; or any structure or location occupied by anyone over whom he has jurisdiction; at which a business or profession is carried out, regardless of whet

A Commissioner, Joint Commissioner, Director, Assistant Director, Deputy Director, Assessing Officer, Tax Recovery Officer, and Inspector of Income-tax are all considered to be income-tax authorities.

A revenue authority may only access a place of business or profession that is mentioned in a subsection while it is open for the purpose of conducting business or exercising a profession, and only after dawn and before sunset in the case of any other location.

Any business may be required to provide the Evaluating Officer, the Deputy Commissioner (Appeals), the Joint Commissioner, or the Commissioner (Appeals) with a return of the addresses and names of the firm's partners and their respective shares. Any Hindu undivided family may be required to provide the Assessing Officer with a return containing the manager's and family members' names and addresses.