Article discusses about Order which can be rectified under section 154 of Income Tax Act, 1961, Rectification of Income Tax order which is subject to appeal or revision, Initiation of rectification by whom, Time-limit for rectification, The procedure to be followed for making an application for rectification, etc....

Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents....

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

Sufficient time is required to comply with the notice issued u/s 143(2) of the Act and valid notice u/s 142(1)(ii), 142(1)(iii) has to be issued compulsorily after 143(2) notice The Ld. Assessing officer is not justified to make assessment as he has issued notice u/s 143(2) of the Act but time period given in the […]...

Under the Companies Act 2013, every company is required to have an effective system of internal financial controls to ensure that its financial statements are accurate and reliable, and to prevent fraud and mismanagement. Section 134(5)(e) of the Companies Act 2013 requires the Board of Directors of every company to state in its annual re...

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. ...

Modi Industries Limited vs CIT (Supreme Court) Having regard to the scheme of the Act and use of the phrase `regular assessment’ in various sections of the Act – we are of the view that in Section 214, `regular assessment’ has been used in no other sense than the first order of assessment passed under […]...

Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected for scrutiny assessment based upon some predetermined criterias. Therefore every assessee de...

An assessee is required to file an income tax return under Section 139 or in response to notice under section 142, consisting all the details of income earned during the previous year. Once the return is filed the next step of Income tax department is to examine the return for its correctness. This examination is known as Assessment....