Section 142(1) notices are one of the important and frequently sent notices to the assesses, it is one of the important notices sent requiring the assessee to furnish the return of income or provide such other documents required to be submitted. Continue reading “Why Income tax department send notices Under Section 142(1) ?”
Category: Income Tax
Deep analysis of cash transactions under income tax
Cash is the most liquid asset in the world and gives much more flexibility in business and personal transactions due to its acceptance and its ability to be used for transactions with anyone and in any situation. Continue reading “Deep analysis of cash transactions under income tax”
What is advance tax and how to calculate ?
Income tax is normally paid after the end of the financial year, however, if the estimated net tax liability is Rs.10,000 or more during the financial year then the taxpayer should pay tax in the same financial year Continue reading “What is advance tax and how to calculate ?”
