CORPORATE TAXATION

 setoff and carry forward losses Deductions from gross total income advance payment of tax 1Q) SETOFF AND CARRY FORWARD OF LOSSES SETOFF OF LOSSES   LOSS SET-OFF 1. Loss from house property a) income from any other house property b) any other head of income. however, w.e.f. the assessment year 2018-19, set off of a loss against any other head shall be restricted to 2 lakhs for any assessment year 2. loss from business or profession a) income from any other business or profession b) any other head of income except under the head salaries 3 . loss from speculation Income from speculation 3A  loss of specified business Income from any specified business 4 . short term capital loss a) short-term capital gain b) long-term capital gain 5. long term capital loss Long-term capital gain ...

1. submission of return of income  **2. Procedure for assessment  3. penalties and prosecution 4. interest 5. Assessment of companies ( Notes shared in Whatsapp group, plz check) 1Q) SUBMISSION OF RETURN OF INCOME: The Income-tax Act, of 1961 contains provisions for filing of return of income. Return of income is the format in which the assessee furnishes information as to his total income and tax payable. The format for filing returns by different assessees is notified by the CBDT. The particulars of income earned under different heads, gross total income, deductions from gross total income, total income, and tax payable by the assessee are generally required to be furnished in a return of income. In short, a return of income is the declaration of income and the resultant tax by the assessee in the prescribed format. COMPULSORY FILING OF RETURN OF INCOME  [SECTION 139(1)]: (i) Companies and firms (whether having profit or loss or nil income); (ii) a person, bei...