What is Section 147 of IT Act?
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 time limit for completing assessment under section 147?
one year
Time-limit for Completion of Assessment u/s 147 As per section 153, assessment under section 147 shall be made within a period of one year from the end of the financial year in which notice under section 148 is served on the taxpayer.
Has escaped assessment within the meaning of section 147?
1 Income escaping assessment 2 If the Assessing Officer 3 has reason to believe] that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped …
What is PY in income tax?
Previous Year (P.Y.) The year in which income is earned is known as the previous year. In layman language the current financial year is known as the previous year. The financial year starts from 1st April and end on 31st March of the next year.
What is Section 146 of income tax?
Free for one month and pay only if you like it. 146. Reopening of assessment at the instance of the assessee. – Omitted by the Direct Tax Laws (Amendment) Act, 1987 , w. e. f. 1- 4- 1989 .]
What is best Judgement assessment?
A best judgement assessment is an income tax assessment which is performed by the assessing officer with limited knowledge about the financial circumstances of the assessee. Assessees may fail to give the assessing officer adequate co-operation regarding the assessment procedure.
What is Sec 148 of IT Act?
Section 148 of the Income Tax Act deals with the issuance of a notice wherein any income has escaped recomputation or assessment.
What does Py and Cy mean?
PY (see CY, NY) Prior Year. The previous Financial Year (Year -1) Rebuild.
What is GTI in income tax?
The ‘gross total income’ (GTI) is the total income you earn by adding all heads of income. Income from salary, property, other sources, business or profession, and capital gains earned in a financial year are all added to arrive at the GTI.
What is Section 147 and 148 of the Income Tax Act?
Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or re-compute income, turnover etc, which has escaped assessment. Section 147 and Section 148 of the Act contain the per-requisite conditions to be fulfilled for invoking the jurisdiction to reopen the assessment.
What is the SEC Rule 147?
Rule 147 is the SEC’s interpretation of Section 3 (a)11 of the Securities Act, which exempts securities issued locally from regulation, such as required disclosures, under the Act. Rule 147 was originally made in 1974 to provide markets with greater certainty as to how the SEC would apply the Act, and has since been updated as of 2016.
When does an assessment become final under Section 147?
1.2 The general principle is that once an assessment is completed it becomes final. Section 147 empowers the Assessing Officer to reopen an assessment if the conditions prescribed therein are satisfied. The conditions are: i) The Assessing Officer has to record the reason for taking action under section 147.
What is the second proviso to Section 147?
Second proviso to section 147 states that nothing mentioned in first proviso shall apply in a case where the income which has escaped assessment is related to assets ( including financial interest in entity) is located outside India. Time Limits for Issuance of Notices, Orders under Different Sections of Income Tax Act, 1961
