After an assessee files the Income Tax Return (ITR), the Income Tax Department (ITD) passes it through various stages of assessment to ensure that the total tax liability of a person [under section 2(31)] is accurate. At the preliminary stage, the filed ITR is assessed for any arithmetic errors or mismatches by the ITD system. Based on the preliminary assessment, the intimation about the refund, tax demand, or neither of refund or tax demand is sent to the assessee about the processing of his ITR. In response to the intimation, the assessee either makes the overdue tax payment or accepts the adjustment. The profiles of high-risk tax returns are picked by the computer and examined by the Assessing Officer according to the Income Tax Act, 1961 provisions.In this article, we have discussed the types of assessment that the Income Tax Department follows to ensure the correctness of the ITR being filed.1.

Section 55A of the Income Tax Act confers powers on the Assessing Officer to revalue the capital asset and bring it to fair valuation. The discretion of the Assessing Officer plays a major role in the application of the said powers.Dive into this blog to understand to these key points:Why Assessing Officer refer a capital asset to a Valuation OfficerCircumstances that warrant reference to Valuation OfficerOther conditions to refer to a Valuation OfficerReference To Valuation Officer 55AWith a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the [Assessing] Officer may refer the valuation of capital asset to a Valuation Officer—in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the [Assessing] Officer is of the opinion that the value so claimed is less than its fair market value;in any other case, if the[Assessing] Officer is of opinion—(i) that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be prescribed on this behalf; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary to do, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the [Assessing] Officer under sub-section (1) of section 16A of that Act.Explanation—In this section, “Valuation Officer” has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).] As stated in the Section, the Assessing Officer may refer to the valuation of a capital asset to a Valuation Officer under certain circumstances. Prior to understanding the circumstances for the same, the following terms must be understood:Registered ValuerRegistered Valuers are also referred to as Private Valuers. They are authorised by the Board and recognised by the Income Tax Department. They work in a private capacity, and their valuation is not binding on the tax authorities, but the Assessing Officer cannot ignore such valuation unless he has approached the Departmental Valuation Officer for valuation.Valuation OfficerValuation Officers, also known as Departmental Valuation Officers, are recognised by the Income Tax Department.

Anyone owning a house or land needs to pay property tax to their local municipality or other civic body. In Ahmedabad, the Ahmedabad Municipal Corporation (AMC) is the local body responsible for collecting property tax from residents and using these funds for the city's development. Paying AMC property tax is quite easy and can be done entirely online. In this blog, you will gain an understanding of Ahmedabad Municipal Corporation property tax and how to pay the same. What are the Due Dates and Penalties for Ahmedabad Property Tax?AMC property tax charges on a half-yearly basis. The due dates for property tax every year are March 31 and October 15. AMC has changed the due dates several times in the past few years and announced rebates and discounts for early payments.Residents who paid their property tax by July 30, 2024, were eligible for a 10% property tax rebate.

As per government notification, Aadhaar number needs to be produced mandatorily if you want to open a post office account or invest in the National Savings Certificate (NSC), Public Provident Fund (PPF) and Kisan Vikas Patra (KVP) schemes.The government has extended the deadline for linking of Aadhaar to small savings schemes such as post office deposits and Kisan Vikas Patra to March 31, 2018. The linking of Aadhar with various savings schemes such as post office deposits, Public Provident Fund, National Savings Certificate and Kisan Vikas Patra can be done through online as well as offline modes.Linking of Aadhaar with Saving Schemes via offline modeLinking of Aadhaar to various saving schemes can be done through Indian Post Bank Account. The below-mentioned steps should be followed in this respect: Step 1: Visit your nearest Indian post office branch along with a copy of your Aadhaar card and Post office passbook. Step 2: Fill the Aadhaar linking form which will be available from the branch and attach a copy of your Aadhaar card with the form and submit it. Step 3: After submitting the application form, you will be given an acknowledgement to confirm your request for linking Aadhaar with your India Post Bank Account. Step 4: After processing of your application by the post office, notification will be received via SMS on your registered mobile number.Linking of Aadhaar Card with Indian Post Bank Account via online modeStep 1: Log on to your internet banking account using your User ID and password. Step 2: Click on the link “Registration of Aadhaar Number in Internet Banking” on the home page. Step 3: Enter your 12 digits Aadhaar number therein and click on “confirm”. Step 4: Select the Indian post bank account for which the Aadhaar number needs to be linked. Step 5: To inquire that whether your Aadhaar number update request has been processed or not, click on “Inquiry” option on the homepage of the website.Different types of saving schemes available in IndiaThere are a number of options available when you are looking for saving schemes in India. Many are backed by the Government of India, while RBI and SEBI regulate the others. Alongside, a number of these schemes provide some kind of income tax exemptions/ deductions.Click here to know more https://cleartax.in/s/saving-schemesConclusionWhether you've invested in a Post Office Savings Account, Kisan Vikas Patra, or a Post Office Recurring Deposit—or plan to do so—you'll need to link your 12-digit Aadhaar number to your account.

Toll revenue constitutes a significant part of the development and maintenance of highway infrastructure of the Indian economy. In recent times, a lot of modernization has been made in promoting transparency and efficiency in toll collecting. In this article, we will understand road usage charge collection, calculation, and other details about road charges in India.What is Toll Tax in India?Road charges, often known as “tolls", are the taxes you pay for using interstate expressways, bridges, tunnels, and national or state highways. In India, the entire road network, including toll taxation policies and systems, falls under the purview of the National Highway Authority of India (NHAI).NHAI has laid down various rules and regulations that determine the collection process. These rules include certain exemptions for taxes, tax validity, rules on how the road charges for a particular highway/expressway are determined, and much more. Why is Toll Tax Collected?India has one of the greatest and largest roadway networks in the world.

As a taxpayer, you can claim certain deductions of expenses while calculating the ‘income from other sources’. Such deductions fall under Section 57 of the Income Tax Act, 1961 (ITA).Let’s gain insight into various deductions allowed to taxpayers under Section 57 while computing any income chargeable under the heading ‘Income from other sources’.Dividend or interest earned on tradable financial assets (securities): Any reasonable sum spent by commission or remuneration to a banker or any other person as collection charges to realise such dividend or interest on behalf of the taxpayer is allowed as a deduction. Deduction in the form of employee’s contribution towards welfare schemes: An employee’s contribution towards provident fund (PF), superannuation fund (SF), or employee state insurance (ESI), and such other welfare schemes in the accounts of an employer is deemed as income if not taxable under the head, ‘profits and gains of business or profession’. In case the employer deposits any amount towards such funds, which gets credited before or on the due date, then such an amount is allowed as a deduction to a taxpayer.Deduction in the form of expenditure incurred on rental income: When rental income is earned from letting out plant, furniture, machinery, or building, any expenditure incurred on current repairs of the assets mentioned above, as well as insurance paid regarding them, is allowed as a deduction. Depreciation is applicable to such a plant, machinery, and furniture. However, depreciation in the case of a building will only be allowed if the taxpayer is the actual owner of the property.Standard deduction out of family pension: In the case of family pension, one-third of such income or Rs 15,000, whichever is less, is allowed as a deduction.

GVMC, or the Greater Visakhapatnam Municipal Corporation, is the principal authority or civic body responsible for governing the city of Visakhapatnam in Andhra Pradesh. Property tax in GVMC can be paid through online mode, mobile app, or by physically visiting the corporate office premises.How to Pay GVMC Property Tax Online?The GVMC property tax payment process for Visakhapatnam has been simplified through the introduction of an online payment procedure. You can thus opt for paying the GVMC property tax online by following the simple steps given below:Visit the official website of Commissioner and Directorate of Municipal Administration, Government of Andhra Pradesh.Go to online payments - choose property tax option.Choose the district and municipality as Visakhapatnam, and click submit.A new screen will be displayed, wherein you can search your property using relevant details like assessment number, owner name or door number.The list of properties matching with the relevant details are displayed. You can choose your property, click on “Pay tax” option.On payment page, you can see the property tax due for the year and the balance payable. Proceed with paying using debit card or credit card to finish the payment process.Once the process is complete, confirmation is sent to you by the government.GVMC Property Tax RateThe due GVMC property tax amount for the property owners of Visakhapatnam is decided depending on various parameters, out of which the tax rate is the most crucial one.

The first step to filing tax returns as a salaried individual is to obtain your Form 16 from your employer.  Before proceeding, it's essential to understand what Form 16 is - a TDS Certificate that outlines your Taxable Income and TDS. It is the employer's responsibility to provide Form 16 to all employees. In the unlikely event that your employer fails to provide you with Form 16, don’t worry; you can still e-file your return yourself. ClearTax shows you how!What are the instances in which Form 16 is not issued by the employer?1. No TDS Was Deducted : If the total income of the employee in the financial year is less than the taxable threshold (₹2.5 lakh for individuals under 60), and therefore no TDS was deducted, the employer is not obligated to give Form 16. This is the most frequent reason.2. Contractual or Freelance Engagement:  If an individual is employed by the company on a freelance or contract basis and not as a salaried employee, then the employer will give a Form 16A (for TDS on non-salary), but not Form 16.3. Company Has Shut Down or Is Non-Compliant : In exceptional situations, if a firm closes down or does not obey TDS rules, it may not provide Form 16 even though TDS has been deducted. In those situations, workers can look to Form 26AS on the Income Tax site for TDS information.4.

Section 115BAA provides for reduced tax rates for domestic companies, applicable from FY 2019-20. Section 115BAA provides an option of reduced tax rate of 22% with a surcharge and education cess of 10% and 4%. Effectively, companies opting 115BAA will be liable for 25.17% tax. Amongst the set of new tax rules introduced by the Government every year, the introduction of Section 115BAA on September 20, 2019 brought in a reduced tax rate for businesses operating in India. Also, the MAT rate has been reduced from 18.5% to 15%.Beyond figures, Section 115BAA was more about fostering a business-friendly environment, promoting investments and driving economic expansion.

E-return intermediaries are those who are authorized by the Income Tax Department to file ITR on your behalf. They simplify the complexities of tax compliance, and ensure that taxpayers can efficiently and seamlessly navigate the ITR filing process. Who are E-Return Intermediaries?Let's begin our understanding of ERI by understanding the meaning of e-return Intermediary.E-Return Intermediaries are certified professionals authorized to file income tax returns on behalf of taxpayers. The taxpayers can submit their income tax returns electronically or via an intermediary or a liaison.The Income Tax Department appoints these officials to file income tax returns on behalf of taxpayers. To qualify as an e-return intermediary, a set of eligibility criteria must be followed. Individuals aspiring to work as ERIs in the income tax department must register online with the NSDL if they fulfil the eligibility criteria set by the ITR.Since we understand the meaning of e-return Intermediary, let's review its roles and responsibilities.Role and Responsibilities of E-Return IntermediaryHere are the key roles and responsibilities of an ERI in income tax:To evaluate the taxpayer's eligibility to use the scheme.To verify the legitimacy of the taxpayer's PAN and TAN.Double-check the information provided in the documents submitted with TDS, advance tax, and self-assessment tax details.To ascertain that the taxpayer has entered authentic information in the income tax return form.To ascertain that the ITR is filed online within the stipulated time.To confirm that the taxpayer has verified the ITR.To check that the data pertinent to ITR filing is stored for at least one year after the termination of the assessment year.To ascertain that the taxpayer gets the acknowledgement of the ITR-V form and a copy of the e-return.To guarantee the privacy of the client's data.Check that the officials working under the ERI intermediary adhere to all the stated conditions, provisions, and rules.To confirm any changes in the data of the application sent are informed to the registrar. E-Return Intermediary Eligibility CriteriaThe entities are allowed to become an e-Return intermediary if they meet the following e-return intermediary eligibility criteria:Note: The following entities must have a valid PANA company/public sector organization, Advocate, Company Secretary, or a Chartered accountantA company having a net worth of more than ₹1 crore and is registered in IndiaAn organization of Chartered AccountantsA firm of advocatesA firm of company secretariesAn individual authorised to prepare tax returnsA government department drawing officerA cost accountantA firm of Cost AccountantsPrerequisites of E-Return IntermediariesTo apply and join the e-Return intermediary list, the entity must fulfil the following prerequisites:A Class II or III Digital Signature Certificate obtained via a licensed NSDL-certified certifying authority.