(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, - (i) if any tax or interest is found due on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid, any tax paid on self assessment and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub- section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly; and
(ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee :
Provided that except as otherwise provided in this sub-section, the acknowledgment of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him :
Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in which the income was first assessable.
(2) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer shall if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not underpaid the tax in any manner, serve on the assessee a notice requiring him, on a date to be specified therein, either to attend his office or to produce, or cause to be produced there, any evidence on which the assessee may rely in support of the return :
Provided that no notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.
(3) On the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he has gathered, the Assessing Officer shall, by an order in writing, make an assessment of the total income or loss of the assessee, and determine the sum payable by him or refund of any amount due to him on the basis of such assessment.
(4) Where a regular assessment under sub-section (3) of this section or section 144 is made, -
(a) Any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment;
(b) If no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.
unearned rental income is disclosed under which part? asset or liability?
If you happen to be a corporation whose property was expropriated by a foreign government and later returned, here is what IRC Section 80(c) says:(c) Character of income For purposes of this subtitle-(1) Except as provided in paragraph (2), the amount included in gross income under this section shall be treated as ordinary income.(2) If the loss described in subsection (a)(2) was taken into account as a loss from the sale or exchange of a capital asset, the amount included in gross income under this section shall be treated as long-term capital gain.
No they belong under the liabilities section on a Balance Sheet
Net income is calculated in income statement as well as net income is also shown in balance sheet liabilities side under equity section as well this is the same amount which is calculated in income statement.
Taxable income is the total income after deducting all deduction under the section 80(c) to 80(u). The tax liability is calculated on the total taxable income.
If the interst arise due to delay in remittance of Service tax, which is not penal in character, then disllowance would not be applicable. It is compensatory in nature, hence no disallowances
Under section 10(34) dividend form a domestic company OS exempt.
abnormal loss is part of income statement and shown under other losses section or abnormal losses section of income statement.
unearned rental income is disclosed under which part? asset or liability?
section 10(11)
Objectives
Rent revenue appears under the Non-Operating Revenue Section on the income statement.
If you happen to be a corporation whose property was expropriated by a foreign government and later returned, here is what IRC Section 80(c) says:(c) Character of income For purposes of this subtitle-(1) Except as provided in paragraph (2), the amount included in gross income under this section shall be treated as ordinary income.(2) If the loss described in subsection (a)(2) was taken into account as a loss from the sale or exchange of a capital asset, the amount included in gross income under this section shall be treated as long-term capital gain.
The notice that is currently on the 97xxoo Web Page is close to the bottom of the page under the heading 97xxoo (dot) com whois information. The notice is in that section.
Under the liabilities section of the balance sheet?
No they belong under the liabilities section on a Balance Sheet
Need more clarification: i = interest? (if expense: shown in income statement, under expenses. if revenue: shown in income statement, under revenues) i = investment? (is an asset, showin in the asset section of the balance sheet) i = income? ( shown in the income statement)