Articles by Amit Bajaj

Filing income tax return after due date

Posted by Amit Bajaj 17 August 2010 26593 Views

The due date for filing income tax return for corporate aseessees and other aseessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is

Provisions of Section 269SS and 269T under Income Tax Act

Posted by Amit Bajaj 22 July 2010 476786 Views

Provisions of Section 269SS and 269T under Income Tax Act Finance is the important part and need of every business. The own capital of a person may not be always sufficient to meet the needs of finance of the business. Therefore the Loans and depo

Compulsory maintenece of books of accounts under IT Act

Posted by Amit Bajaj 21 July 2010 34082 Views

It is generally seen that there is confusion among taxpayers about maintenance of books of accounts under Income Tax Act like who is required compulsorly to maintain the books of accounts and for how many years one has to keep his books of accounts.

CAPITAL GAINS UNDER INCOME TAX ACT 1961

Posted by Amit Bajaj 27 March 2010 101630 Views

Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is l

Some Views on Penal Provisions u/s 29(8) of MVAT Act

Posted by Amit Bajaj 26 March 2010 10918 Views

It is well esteblished principle that the power to levy penality under taxation laws is incidental and ancillary to the power of collection of tax and is provided to make sure the compliance of tax deposits by the assessees. Taxation laws are welfar

SURVEY UNDER SECTION 133 A OF INCOME TAX ACT 1961

Posted by Amit Bajaj 30 January 2010 92939 Views

Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisons of the a

Use of section 144A

Posted by Amit Bajaj 29 January 2010 17811 Views

Assesements under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criterias for selection of cases for scrutiny has been increased.

Reassessement under Income Tax Act

Posted by Amit Bajaj 29 January 2010 18224 Views

The power of assessement or reassessement of any income chargable to tax that have escaped assessement has been provided under secton 147 r w s 148 of Income Tax Act of 1961.If the assessing officer has the reason to believe that any income charga