What is Section 153 of income tax?

Section 153 of the Income Tax Act provides the time limit to Assessing Officer within which the Assessing Officer has to complete the assessment or reassessment of the assessee. The matter will be time barred if it is not completed within the prescribed time limit and so the assessment can be objected as bad in law.

What is Section 152 of income tax?

Section 152 in The Income- Tax Act, 1995. 152. Other provisions. (1) In an assessment, reassessment or recomputation made under section 147, the tax shall be chargeable at the rate or rates at which it would have been charged had the income not escaped assessment.

Is 150 of Income Tax Act?

150. Provision for cases where assessment is in pursuance of an order on appeal, etc. authority in any proceeding under this Act by way of appeal, reference or revision 1 or by a court in any proceeding under any other law].

What is reopening income tax assessment?

If an AO has any reason to believe that any income chargeable to tax has escaped assessment, the AO has authority to reopen the case for scrutiny. On the basis of such information, the AO can reopen the assessment.

What is Section 156 of Income Tax Act?

Section 156 in The Income- Tax Act, 1995. 156. Notice of demand 3 When any tax, interest, penalty, fine or any other sum 4 ] is payable in consequence of any order passed under this Act, the 5 Assessing] officer shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable.

What is Section 147 of Income Tax Act 1961?

Section 147 of the Income Tax Act, 1961 provides for the reopening of assessment proceedings. This section gives discretion to the Assessing Officer (AO) to reopen the assessment proceedings when he/she has reason to believe that some of the income has escaped assessment.

What is Sec 150 of Income Tax Act?

Explanation 2 : Where, by an order referred to in clause (ii) of subsection (3), any income is excluded from the total income of the assessee for an assessment year, then, an assessment of such income for another assessment year shall, for the purposes of section 150 and this section, be deemed to be one made in …

How far back can income tax go?

As per Section 149 of the Income-tax Act, 1961, the income tax department has the powers to issue a notice to taxpayers for seven years from the end of the financial year. So, this would mean that if you have filed ITR for FY 2019-20, then you must keep the related documents with you till the end of FY 2023-24.

What is faceless assessment?

The faceless assessment scheme was launched in 2020 with the objective of promoting an efficient and effective tax administration, minimizing physical interface, increasing accountability and introduction of team-based assessments. …