Daily Archives: April 2, 2026

Section 412 Income Tax Act 2025 Penalty payable when tax in default. 412. (1) When an assessee is in default or is deemed to be in default in making a payment of tax, he shall, in addition to the amount of the arrears and the amount of interest payable under section 411(3), be liable, by way of… Read More »

Section 413 Income Tax Act 2025 Certificate by Tax Recovery Officer and validity thereof. 413. (1) When an assessee is in default or is deemed to be in default in making a payment of tax, the Tax Recovery Officer may draw up under his signature a statement in such form as may be prescribed specifying the… Read More »

Section 117 Income Tax Act 2025 Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases. 96 117. (1) Irrespective of anything contained in section 2(6)(a) to (c) or section 116, where there has been an amalgamation of,— (a) one or more banking company with— (i) any other banking institution under a scheme sanctioned and brought… Read More »

Section 118 Income Tax Act 2025 Carry forward and set off of losses and unabsorbed depreciation in business reorganization of co-operative banks. 2 118. (1) The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the tax year* , be allowed to set off the accumulated loss and the unabsorbed… Read More »

Section 119 Income Tax Act 2025 Carry forward and set off of losses not permissible in certain cases. 3 119. 4 (1) In case of change in constitution of a firm during a tax year, nothing in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the… Read More »

Section 300 Income Tax Act 2025 Application of other provisions of Act.  300. Save as otherwise provided in this part, all other provisions of this Act shall apply to assessment made under this part.

Section 299 Income Tax Act 2025 Authority competent to make assessment of block period. 299. (1) The order of assessment for the block period shall be passed by an Assessing Officer not below the rank of a Deputy Commissioner or an Assistant Commissioner or a Deputy Director or an Assistant Director. (2) The order referred to… Read More »

Section 298 Income Tax Act 2025 Levy of interest and penalty in certain  cases.  298. (1) Where the return of undisclosed income as required under a notice under section 294(1)(a), is not furnished within the period specified in such notice, or is not furnished, then,— (a) the assessee shall be liable to pay simple interest at the… Read More »

Section 297 Income Tax Act 2025 Certain interests and penalties not to be levied or imposed. 297. Interest under section 423, 424 or 425 or penalty under section 439 shall not be levied or imposed upon the assessee for the undisclosed income assessed or reassessed for the block period.