Section 55A-Reference to Valuation Officer

Section 55A

Section 55A has provided the circumstances in which and the purposes for which; the tax authorities can refer the Valuation Officer for valuation of the capital asset. Section 55A-Reference to Valuation Officer As per section 55A of the Income Tax Act, intending to ascertain the fair market value of the capital asset; the assessing officer may refer the valuation of a capital asset to a valuation officer. The circumstances in which the assessing officer can refer to the valuation officer are as follows: a) In the case, where the value…

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Section 144 & 144A-Best Judgment Assessment


Section 144 of the Income Tax Act covers the provisions relating to the “Best Judgment Assessment”. Here, an assessing officer makes an evaluation based on his best reasoning. Section 144-Best Judgment Assessment As per this section, if any person; fails to file the return as required U/S 139(1); or a belated return U/S 139(4) or a revised return U/S 139(5); or fails to comply with all the terms of a notice issued U/S 142(1) or; fails to comply with the direction issued U/S 142(2A); or after filing a return, fails…

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India 2018 Budget Impact on Tax


Finance Minister Mr. Arun Jaitley tabled the financial plan in Parliament. The senior citizen’s expense will descend by nearly Rs 15,450 because of the tax exemption for up to Rs 50,000 interest earned from bank deposits and Post Office schemes. Budget Impact on Tax In any case, senior citizen taxpayers are separated from everyone else in this celebration. Most other citizens, particularly high-income workers and investors in stocks and mutual funds, have been woefully disappointed by the tax proposition in the Budget. The Budget 2018 has increased the cess on…

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Section 195 of Indian Income Tax Act

Section 195 is related to the deduction of TDS on any payment made to non-resident. As per this section, if any person is responsible for any payment to any non-resident (not being a company) or to a foreign company by way of interest or any other sum chargeable under the provisions of income tax excluding salary, he is liable to deduct TDS at the rates in force. Section 195 of Indian Income Tax Act However, in case of interest payable by the government or public sector bank or a public…

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2018 Budget on GST filing ‘GSTmadeeasy’


With an expectation to uphold going on the government’s GST demonstration and to make each Indian SMEs/MSMEs GST pleasant to lead, a highly developed easy to utilize, need of courteous importance GST solution idea “GSTmadeeasy” is destined to be launched, as soon as end-to-end business situation solutions for MSMEs/small traders to counsel digitizing requirements mandated under the supplement GST regime and administration. GST filing with ‘GSTmadeeasy’ CAIT (Central Administration of Information Technology) has said that GST is a technology driven tax collection system which requires compulsory consistence through computerized technology…

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