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Tag Archives: income tax return

Online Rectification of errors in Income Tax Return

Online Rectification of errors in Income Tax Return

Section 154 of the Income Tax Act, 1961 gives power to an Assessing Officer to rectify an order due to any error apparent on record either of its own or upon an application made of the tax payer. When Rectification is necessary? There are reasons why an assessee should file rectification application. If the salary income entered by him is higher due ... Read More »

How to rectify an income Tax Return filed by an assessee?

How to rectify an income Tax Return filed by an assessee?

After filling an Income Tax Return, the department verifies the same by going through the information given by the assessee in his return of income. If any anomaly appears from the record, notice of demand is issued by the department addressed to the assessee. The assessee has to comply with the said notice. He has to either make payment according ... Read More »

Penalties for tax evasion

Is Prosecution the Best Treatment for Tax Evasion?

Tax evasion as an offence: Tax evasion is an illegal act which occurs for failure to file income tax return or altering the tax amount which is to be paid. It differs from tax avoidance. Tax avoidance is legal as one can rightly use the tax laws to decrease the amount of tax to be paid. When is penalty imposed? ... Read More »

Capital gains tax rates

capital gains tax rates

Depending upon the type of capital assets you have made investment in the tax rates of your capital gains are decided. There are few investments that taxed certain rates. And then, there are certain other investments that are eligible for tax-exempt status. Herein we are discussing different types of assets and tax rates on such capital gains. Collectibles: If you ... Read More »

Long Term Capital Gains computation and tax rates

capital gains

In simple layman terms capital gains as the name suggests is a type of monetary gain which has been acquired from various types of capital goods. Long term capital gains or LTCG is applied in context with two different types of Capital Assets. One of the capital assets is house and the other is mutual funds/shares. So, simply speaking any ... Read More »

Key dates for Indian taxes

Key income tax dates

There are many who think that the major rush for filing return and submitting different income related certificates is only in between January and March. But all the year through there are deadlines for submitting income tax certificates and filing returns which solely depend upon the source through which an individual or a company earns business. Some of such key ... Read More »