Knowledge Base @ Tax Management


What to do when you get a notice from Income Tax Department ?

A notice from the Income Tax Department sends a wave of panic among the average taxpayer even though it may be a routine enquiry or even a clarification sought by the Assessing Officer (AD).

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Income Tax Paid Globally : A Comparison

Please chekc the Table ...

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Life Insurance v/s Income Tax : U/s 80C & (10D)

Some Tax Payers normally feel that Life Insurance Premium paid u/s 80C upto 1 lakh and proceeds received on maturity of the policy received u/s 10(1OD) are completely tax free.

But this is not cent percent correct.
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Power of Attorney (POA) v/s Letter of Authority (LOA)

 

 

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Income Tax Raid… Rights of an Assessee
Authorised officers of the IT department can search residential and business premises, vehicles and bank lockers and seize the account books, stocks and valuables.
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Filing Through Tax Return Preparer

A tax return preparer scheme enables tax payers to prepare and finish their returns of income.

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ASSESSMENT / SCRUTINY– How Your Life is Assessed / Scrutinised

Law and procedure for Assessment: The salient features of the new assessment procedure are:

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INCOME TAX SURVEY – Rights / Duties during Survey

Surveys are used to verify statements and claims made by existing tax payers and to detect new tax payers, for a proper assessment of the tax liability of a taxpayer
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Cash Less Medi-Claim
As the name suggests, one can get hospitalized, undergo surgery or both without having to pay cash at the time of bill settlement. The insurance company settles the bill directly through its third- party administrator (TPA) whose contacts are usually provided along with the policy.
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HUF / Clubbing Of Income
income earned by a minor or a spouse can be clubbed with your income, which means that you will have to pay tax on your taxable income as well as theirs. However, there are a few instances where the income will not be clubbed in your hands.
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