Section 265 Income Tax Act 2025 Return by whom to be verified. 265. The return of income under section 263 required to be furnished by the person specified in column B of the Table below shall be verified by the person specified in corresponding entry in column C of the said Table: TABLE Sl. No. Person furnishing return… Read More »
Section 266 Income Tax Act 2025 Self-assessment. 266. (1) Where, after taking into account the amounts referred to in sub-section (2), any tax is payable on the basis of any return required to be furnished under section 263 or 268 or 280 or 294, then— (a) the assessee shall be liable to pay such tax together with interest and fee payable under any… Read More »
Section 267 Income Tax Act 2025 Tax on updated return. 267. (1) Where no return of income under section 263(1) or (4) has been furnished by an assessee and, after taking into account the amounts referred to in sub-section (2), tax is payable on the basis of return to be furnished by such assessee under section 263(6), then— (a) the… Read More »
Section 268 Income Tax Act 2025 CHAPTER XVI Procedure for assessment A.—Procedure for assessment Inquiry before assessment. 268. (1) For the purpose of making an assessment under this Act, the Assessing Officer may serve on any person who has made a return under section 263 or in whose case the time allowed under section 263(1) for furnishing the… Read More »
Section 269 Income Tax Act 2025 Estimation of value of assets by Valuation Officer. 269. (1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including the fair market value, of any asset, property or investment and submit a copy of report to him.… Read More »
Section 270 Income Tax Act 2025 Assessment. 270. (1) Where a return has been made under section 263, or in response to a notice under section 268(1) such return shall be processed in the following manner:— (a) the total income or loss shall be computed after making the adjustments towards the following:— (i) any arithmetical error in the… Read More »
Section 271 Income Tax Act 2025 Best judgment assessment. 271. (1) If any person— (a) fails to furnish the return required under section 263(1) or (4) or (5) or (6); or (b) fails to comply with all the terms of a notice issued under section 268(1) or fails to comply with a direction issued under section 268(5); or (c) having made… Read More »
Section 272 Income Tax Act 2025 Power of Joint Commissioner to issue directions in certain cases. 272. (1) A Joint Commissioner may, on his own motion or on a reference being made to him by the Assessing Officer or on the application of an assessee, call for and examine the record of any proceeding in… Read More »
Section 273 Income Tax Act 2025 Faceless Assessment. 273. (1) Irrespective of anything to the contrary contained in any other provision of this Act, the assessment, reassessment or recomputation under section 270(10) or 271 or 279, as the case may be, with respect to the cases referred to in sub-section (2), shall be made in a faceless… Read More »
Section 274 Income Tax Act 2025 Reference to Principal Commissioner or Commissioner in certain cases. 274. (1) The Assessing Officer may make a reference to the Principal Commissioner or Commissioner at any stage of the assessment or reassessment proceedings before him, if, having regard to the material and evidence available with him, he considers that it… Read More »