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An assessee is a person or thing which is assessed.
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Why is the residential status of an assessee important for income tax purpose?
The residential status of an assessee is important for income tax purpose for following reasons. 1) It is important to make sure that the person being assessed belongs to a particular country during particular period and is not able to evade the tax. 2) Tax incidence or Tax burden on an assessee depends on his residential status.
If any assessee having not business income but having income from profession like job works then what section will apply?
having income from profession like job works. This sounds like the assessee would be a self employed taxpayer under the IRS rules.Click on the below Related Link
Who is an assessee by default?
The Assessing Officer may, in his discretion and subject to such conditions as he may think fit to impose in the circumstances of the case, treat the assessee as not being in default.You can find more information and details to the enclosed website address you can copy and paste the below website address in your address bar.incometaxindia.gov.in/acts/income tax act/220.asp220. When tax payable and when assessee deemed in default.(2) If the amount specified in any notice of demand under section 156 is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at one and one-forth per cent. for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid:
Notice under Section 142 of The Income Tax Act-1961?
Income Tax Act, 1961Section 143. ASSESSMENT.(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.
Best judgment assessment and its types?
Total income of the assessee which would be chargable to tax for the assessment year immeditely following the financial year.Advance tax shall be payable in every case were the amount of such tax payable under the provision of the act is Rs 5000 or more .
Why is the residential status of an assessee important for income tax purpose?
The residential status of an assessee is important for income tax purpose for following reasons. 1) It is important to make sure that the person being assessed belongs to a particular country during particular period and is not able to evade the tax. 2) Tax incidence or Tax burden on an assessee depends on his residential status.
If any assessee having not business income but having income from profession like job works then what section will apply?
having income from profession like job works. This sounds like the assessee would be a self employed taxpayer under the IRS rules.Click on the below Related Link
What are registers in excise duty?
in excise RG-23 PART 1 AND RG-23 PART -2 ARE REGISTERS TO BE MAINTAINED BY ASSESSEE
Who is an assessee by default?
The Assessing Officer may, in his discretion and subject to such conditions as he may think fit to impose in the circumstances of the case, treat the assessee as not being in default.You can find more information and details to the enclosed website address you can copy and paste the below website address in your address bar.incometaxindia.gov.in/acts/income tax act/220.asp220. When tax payable and when assessee deemed in default.(2) If the amount specified in any notice of demand under section 156 is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at one and one-forth per cent. for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid:
Notice under Section 142 of The Income Tax Act-1961?
Income Tax Act, 1961Section 143. ASSESSMENT.(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.
What is to be done when no services are provided in a half-year?
If no services have been provided during a half-year and no Service Tax is payable then, the assessee may file a Nil Return within prescribed time limit.
What was the case law in relation to CIT Vs Natrajan?
In CIT vs V. Natarajan (2006 287 ITR 271 Madras), the assessee sold a residential building at Bangalore and purchased another residential building at Chennai. The new residential house acquired in Chennai was registered in the name of his wife.The court held that even though the assessee had invested the capital gain in acquisition of residential house in the name of his wife, the eligibility for deduction under Section 54 is satisfied.The reasoning for the conclusion was, however, not elaborated in the decision.
What is the procedure for claiming refund?
The procedure for claiming refund for the amount due from the Department is mentioned here in below:-Submit an application in Form-R in triplicate to the jurisdictional Assistant Commissioner (Service Tax) before the expiry of one year from the relevant date as defined in Section 11B of the Central Excise Act, 1944.ii. Documentary evidences establishing that the amount of Service Tax for which refund claim is filed has been paid by the assessee in excess and the incidence of such tax had not been passed on by the assessee to any other person.
Find words with consecutive double letters?
Some non-hyphenated English words with consecutive double letters:# allottee # appellee# assessee# balloon# bookkeeping/bookkeeper # committee # cooee (British colloquial)# heelless# keenness # toolless
Best judgment assessment and its types?
Total income of the assessee which would be chargable to tax for the assessment year immeditely following the financial year.Advance tax shall be payable in every case were the amount of such tax payable under the provision of the act is Rs 5000 or more .
What is PAN of the assessee?
PAN stands for Permanent Account Number, which is a unique 10-digit alphanumeric number issued by the Income Tax Department in India to individuals and entities. The PAN is used as a means of tracking financial transactions for tax purposes and is required for various financial activities such as opening a bank account, filing tax returns, and conducting business transactions.
Explain the provisions of the Income Tax Act 1961 regarding carry forward and set off of business losses?
the amount of loss not so set off shall, in case the business so re-established, reconstructed or revived continues to be carried on by the assessee, be carried forward to the following assessment year and so on for seven assessment years immediately succeeding the relevant assessment year..
