Knowledge Base @ Tax Management

“Summon” U/s 131 of Income Tax Act.

Section 131 of the Income Tax Act empowers the income tax authorities to conduct inquiries. It provides powers to summon persons / witnesses, examine them under oath, compel production of books of account and documents, and issue commissions.

Air Intelligence by Income Tax Department

Valuables such as cash, jewellery, diamonds and other precious materials are often carried by air from one place to another within the country; also contraband items and foreign currency are transported to and from other countries

Investigation by Income Tax Department

The word investigation signifies the process to search for truth. In Webster’s Dictionary, it is explained as “a careful search or examination or a systematic enquiry”. In Oxford English Dictionary, investigation is said to be “an official examination of the facts about a situation, crime, etc.”

Central Board of Direct Taxes (CBDT)

The apex body of the department is the Central Board of Direct Taxes (CBDT). CBDT functions as a division of the Ministry of Finance under the Department of Revenue.

Appellate Authorities of Income Tax Department

Within the Income Tax Departrnent, there is an appellate authority known as the Commissioner of Income Tax (Appeals) or the CIT (Appeals). Any person who is aggrieved by an order of the assessing officer can file an appeal with the Commissioner of Income Tax (Appeals)

Exemptions to File Tax Returns

The Central Board of Direct Taxes(CBDT) has exempted certain segments of taxpayers from filing tax returns. However, there are certain conditions attached in order to be eligible for the exemption. So, before deciding on not filing the income tax returns, you need to be aware of the conditions.

Evading Tax Unknowingly ?- Know the Tax Rules

In recent past a lot of awareness has come in respect of income tax payment, filing of returns and the simplified procedures which has made the task of tax payers much more easy. Inspite of all these, we find many are unknowingly evading the tax which may result in paying penalties.

An Insight to Tax Planning Your Gifts

An individual can preferably get one affidavit listing all such gifts in the entire assessment year from different or the same relative. The individual will hence reduce the trouble of preparing an affidavit each time he receives a gift.

Income Tax Dept. to ignore Mismatch Below Rs.5,000 in TDS Claim’

Income Tax Dept. has directed tax officers to ignore the mismatch between the TDS Credit reflected in the document’s system, if the difference does not exceed Rs. 5,000 /-