Category: Income Tax Act

Section - 144, Income-tax Act, 1961 Best judgment assessment. 144. (1) If any person— (a)  fails to make the return required under sub-section (1) of section 139 and has not made a return or a revised return under sub-section (4) or sub-section (5) 79 of that section, or (b)  fails to comply with all…...

Section - 143, Income-tax Act, 1961 Assessment. 143. (1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, such return shall be processed in the following manner, namely:— (a) the total income or loss shall be computed after making the following adjustments, namely:—  (i)  any arithmetical…...

Section - 142B, Income-tax Act, 1961 67[Faceless inquiry or Valuation. 142B. (1) The Central Government may make a scheme, by notification in the Official Gazette, for the purposes of issuing notice under sub-section (1) or making inquiry before assessment under sub-section (2), or directing the assessee to get his accounts audited under sub-section (2A) of section 142,…...

Section - 142A, Income-tax Act, 1961 Estimation of value of assets by Valuation Officer. 142A. (1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him.…...

Section - 142, Income-tax Act, 1961 Inquiry before assessment. 142. (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 115WD or section 139 or in whose case the time allowed under sub-section (1) of section 139 for furnishing the return has expired a notice requiring…...

Section - 140B, Income-tax Act, 1961 59[Tax on updated return. 140B. (1) Where no return of income under sub-section (1) or sub-section (4) of section 139 has been furnished by an assessee and tax is payable, on the basis of return to be furnished by such assessee under sub-section (8A) of section 139, after taking into account,—  (i)  the…...

Section - 140A, Income-tax Act, 1961 Self-assessment.54 140A. (1) Where any tax is payable on the basis of any return required to be furnished under section 115WD or section 115WH or section 139 or section 142 or section 148 or section 153A or, as the case may be, section 158BC, after taking into account,—  (i)  the amount of tax, if any, already paid under any provision of this Act;…...

Section - 140, Income-tax Act, 1961 Return by whom to be verified. 140. The return under section 115WD or section 139 shall be verified— (a) in the case of an individual,—  (i)  by the individual himself; (ii)  where he is absent from India, by the individual himself or by some person duly authorised by him in this behalf; (iii) where…...

Section - 139D, Income-tax Act, 1961 Filing of return in electronic form. 139D. The Board may make rules providing for— (a)  the class or classes of persons who shall be required to furnish the return in electronic form; (b)  the form and the manner in which the return in electronic form may be furnished; (c)  the…...

Section - 139C, Income-tax Act, 1961 Power of Board to dispense with furnishing documents, etc., with return. 139C. (1) The Board may make rules providing for a class or classes of persons who may not be required to furnish documents, statements, receipts, certificates, reports of audit or any other documents, which are otherwise under any other…...