where to see income tax notice An income tax notice in India can be viewed online on the official e-filing portal and may also be received via email and post Online on the e-filing portal The most reliable way to check for a notice is to log in to the Income Tax Department’s official e-filing… Read More »
Panchnama in Income Tax Act of India In Indian income tax, a panchnama is a formal, legally binding document prepared during a search and seizure operation (commonly known as a raid) to record the proceedings and inventory of items found. It is not a document defined in the Income-tax Act but is drawn up in accordance with… Read More »
Dairy business code in income tax For an income tax return in India, the business code for a dairy business depends on whether the activity is dairy farming, manufacturing dairy products, or selling them wholesale or retail. Business codes for dairy activities under :AGRICULTURE ANIMAL HUSBANDRY AND FORESTRY: Dairy Farming 01009: Rearing of animals and… Read More »
Transport business code in income tax For filing income tax returns in India, the business code for a transport business depends on the nature of the transport services offered. Common transport business codes under “TRANSPORT AND LOGISTICS SERVICES” Land Transport 11003: “Passenger land transport,” such as bus or taxi services. 11008 : Freight transport by… Read More »
AST full form in income tax In the context of the Indian Income Tax Department, AST refers to the Assessment Software Tool, a system used by assessing officers to process tax returns and handle assessment-related tasks. It is a critical component of the Income Tax Department’s operational framework. How AST is used Processing returns: Assessing officers use the AST… Read More »
CRN full form in income tax In income tax in India, CRN stands for Challan Reference Number. It is a unique 14-digit identifier automatically generated when a taxpayer creates a tax challan on the Income Tax Department’s e-filing portal to make a payment. Significance of CRN Tracking and verification: The CRN helps the Income Tax Department to accurately track… Read More »
What is CASS in income tax In income tax, particularly in India, CASS stands for Computer-Assisted Scrutiny Selection. It is an automated, algorithm-based system used by the Income Tax Department to identify and select tax returns for scrutiny based on various risk parameters. This reduces manual intervention and helps to focus on potential cases of tax evasion. How… Read More »
Retail business code in income tax General retail codes under “WHOLESALE AND RETAIL TRADE” 09001 : Wholesale and retail sale of motor vehicles 09004: Retail sale of automotive fuel 09021 :Retail sale of food, beverages and tobacco in specialized stores 09022 :Retail sale of other goods in specialized stores 09023 : Retail sale in non-specialized… Read More »
Contractor business code in income tax For a contractor, the business code in the Indian income tax system depends on the specific type of construction or service being provided. The codes fall under the “CONSTRUCTION” category, which includes several sub-sectors. Here are the relevant codes: 06001: For site preparation work. 06002: For building complete constructions… Read More »
Business code for manpower supply in income tax Business code for manpower supply in income tax Following code is categorized under “Professional Services” in the official list provided by the Income Tax Department for ITR forms. 16014: Labour recruitment and provision of personnel. Related codes for employment services in GST It is important to… Read More »