Section 139 B, 139C & 139D of Income Tax Act

For the purpose of enabling any specified class or classes of persons in preparing & furnishing returns of income, the Board may, without prejudice to the provisions of section 139, frame a scheme, by notification in the Official Gazette, providing that such persons may provide their returns of income through a Tax Return Preparer approved to act as such under the Scheme. Section 139B-Submission of Returns through Tax Return Preparers Every Tax Return Preparer shall assist the persons furnishing the return of income in such a manner as may be…

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Section 147-Income Escaping Assessmeent

As per section 147 of the income tax act; where the AO has reason to conclude that any income liable to tax has escaped the assessment for any AY; he may, subject to the provisions of section 148 to 153, assess or reassess such income. He may also evaluate any other income chargeable to tax; which has escaped the assessment and came to his notice consequently in the course of the proceedings. He may recompute the loss or the depreciation allowance or any other allowance for the AY concerned. Section…

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Section 149 – Time Limit for Notice Act

Section 149 of the income tax act cover provisions regarding the time limit for issue of notice. Here, we will cover section 149 as well as its sub-sections. Section 149(1) of the Indian Income Tax Act Under section 149(1), no notice u/s 148 shall be issued for the relevant AY if; Four years have lapsed since the end of the relevant AY unless the case falls under clause (b) or (c); 4 years, but not more than 6 years, have elapsed from the end of the relevant AY; unless the…

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Section 153-Time Limit for Completion of Assessment

Section 153 of the Income Tax Act covers provision related to the time limit for completion of the assessment, reassessment, and recomputation. Section 153(1) of the Income Tax Act As per section 153(1); the assessing officer or income tax authorities shall not pass an order of assessment u/s 143 or 144; after the expiry of 21 months from the end of the AY in which the income was first assessable. For an order of assessment for the AY, beginning on 1st April 2018; no order for an assessment shall be…

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Section 153(9) of the Indian Income Tax Act

Section 153(9) of the income tax act provides that; the provisions of section 153 shall apply to and concerning any order of assessment, reassessment or reassessment; made before 1st June 2016. Section 153(9) of the Income Tax Act In case where a notice u/s 142(1) or 143(2) or 148(2) has been issued before 1st June 2016; and the assessment or reassessment has not been accomplished by such date; such an assessment or reassessment shall be completed as per the provisions of this section; as it stood immediately before its submission…

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