Introduction : Best judgement assessment in income tax, 1961 gives the guidelines that an Assessment Officer (AO) should follow while conducting an evaluation on assessee’s IT Return/tax liabilities the usage of his/her high-quality viable line of logical justification in positive precise situations. The unique situations, the place an Assessment Officer is compelled to examine ITR/Tax legal responsibility based totally on his/her very own great logical justification are given as: 1. Assessee failing to publish ITR u/s 139(1) 2. Assessee failing to publish belated ITR u/s 139(4) 3. Assessee failing to publish revised ITR u/s 139(5) 4. Assessee failing to fulfill […]
Tax Calculator for Income From Other Sources, Deductions, and Exemptions
An overview of income heads In order to report income tax, the Income Tax Department divides income into five categories: Salary income Investing in house property Capital Gains/Losses Profession and business income Other sources of income Other sources of income refer to income that does not fall under any of the other categories. Interest Income from Savings Bank Accounts In your tax return, you must declare interest that accumulates in your savings bank account. Savings bank interest is not subject to TDS deduction by the bank. While interest from fixed deposits and recurring deposits is taxable, interest from savings bank […]