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What is Assessment order 143(3)?
Assessment order 143(3) is issued by the Assessing Officer after the Scrutiny Assessment u/s143(2) is complete and all the evidences required have been submitted. Based on the evidences, the AO will issue an order for tax payable or refundable, to ...
Is the compensation on Voluntary Retirement Scheme (VRS) taxable?
Compensation on account of VRS is taxable as profits in lieu of Salary as per section 17(3) of the Income Tax Act. But in case of VRS by employees of Government/Semi-Government/Local Authorities/PSUs etc, this compensation is exempt up to the amount ...
What is the difference between inter-source and inter-head adjustment?
A taxpayer who has incurred a loss from a source under a particular head of income is allowed to adjust the loss against income from any other source falling under the same head. This is called inter-source adjustment. After this, the taxpayer can ...
How to send ITR-V to CPC Bangalore
What is ITR-V? ITR-V is single page Acknowledgement that is received on your registered email Id when return is filed online. Alternatively you can also download a copy of ITR V by login to income tax e-filing website ...
Who is a deductor and deductee?
Deductor: The person who is making the payment is responsible for deducting the tax and depositing the same with government. This person is known as 'deductor'. It is usually the employer, or the tenant, or any person making the payment. Deductee: ...