Income Tax

My mail box is full of communication from Income Tax department. Of course, it is my profession, so I get the mails sent by the department to our clients. Believe me, reading and understanding the ‘intimations’ is a big task. Look at the following types of letters you may get …

Article deals with frequently asked question(FAQ) related to CPC Communication, Processing of Income Tax Return by CPC, Filing of Rectification Application, Intimation u/s 143(1), Rectification order U/s. 154, non consideration of TDS, Advance Tax/self-assessment tax, adjustment of refund against old demand etc. Which return will be processed if Original & …

The facility to provide Grievance relating to the CPC is made available to the assessee in the e-Filing portal. After Login, select Helpdesk –> Submit Grievance–> CPC then from the drop down select Assessment Year, category and sub category of the grievance. Similar facility for grievance relating to e-Filing can …

Have you got a Notice/Intimation under Section (u/s) 245 of Income Tax Act 1961 from Income Tax department? Even after paying 30% of your income as taxes to the government, they are still sending notices. It’s frustrating isn’t it? But, what can be done sir? When a notice is received, …

Recently one of my friends was shocked to see outstanding income tax demand appearing in e-Filing portal of the income tax department, though according to him, entire tax dues are paid.    ‘Oh Mind, Relax please!’ is the title of a book written by Swami Sukhabodhananda. If you are an …

  “Ultimately, TARC’s consultations led to the conclusion that the tax system is not only complicated, confounding and contradictory, it is also affected by corruption, inefficiency and incompetence. Even ordinary taxpayers need to hire a tax consultant for tax payment, which costs them money, and, therefore, they become willing tax …

  The report submitted by Tax Administration Reforms Committee (TARC) on 30th November 2014 to the Finance Minister has recommended levying many more taxes. On the one hand, the Government is trying to bring in a unified indirect tax system (GST) and on the other hand, the expert committee is …

Similar to Ombudsman for banking services, the income tax department has its own ombudsman. Ombudsman is an official appointed to investigate the complaints of taxpayers against Income Tax department. So, he acts in an independent capacity to resolve the issues raised by the tax payers.   Who can approach Ombudsman?  …

  Permanent Account Number is basically a method of identifying a taxpayer on the computer system through a unique All-India number so that all information relating to that taxpayer, e.g. taxes paid, refunds issued, outstanding arrears, income disclosed, transactions entered etc. can be linked to him through the computer system. …

  As per the budget document, the government of India compiles the data about the taxes which are foregone on account of incentive schemes given under Income Tax Act. For example, had the government withdrawn deductions u/s 80C of the Income Tax Act (towards Provident fund, LIC premium, tuition fee, …