Finance Bill 2016 Rationalisation of time limit for assessment in search cases It is proposed to amend the time limit for completion of assessments made under section 153A or section 153C cases to bring it in sync with the new time limits provided for other cases. In order to simplify the provisions of existing section 153B… Read More »
Finance Bill 2016 Rationalisation of time limit for assessment, reassessment and recomputation The existing statutory time limit for completion of assessment proceedings is two years from the end of the assessment year in which the income was first assessable. It is desirable that proceedings under the Act are finalised more expeditiously as digitisation of processes within the… Read More »
Assessment under Income Tax Act 1961 What is the meaning of assessment? 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, the next step is the processing of… Read More »