What is Section 144a of Income Tax Act?
reference being made to him by the 1 Assessing] Officer or on the application of an assessee, call for and examine the record of any proceeding in which an assessment is pending and, if he considers that, having regard to the nature of the case or the amount involved or for any other reason, it is necessary or …
What is undisclosed income in income tax?
If undisclosed income is admitted during the course of search and assessee pays tax and interest and files return, a penalty @ 10% of such undisclosed income is payable. If undisclosed income is not admitted but the same is furnished in the return filed after such search, 20% of such undisclosed income is payable.
What is provisional attachment order?
In order to safeguard the interest of the revenue, power is given to the GST authorities under the Central Goods & Services Tax (‘CGST’) Act, 2017 to provisionally attach the property of the taxable person, including bank account, during the pendency of proceedings.
What is Section 153 under income tax?
“153. Time limit for completion of assessment, reassessment and recomputation. —(1) No order of assessment shall be made under section 143 or section 144 at any time after the expiry of twenty-one months from the end of the assessment year in which the income was first assessable.
What are the powers of joint commissioner?
The powers of the Joint Commissioner are wide and he can issue directions to the Assessing Officer for any reasons that he thinks are necessary. The directions to the Assessing Officer are binding in nature and the assessee has a recourse to agitate in appeal if the Assessing Officer does not follow the directions.
What is a false deduction?
Claiming false deductions and dependents are things that are considered tax evasion under federal law. Any violation of federal law is a felony and will stay permanently on your record. People who make honest mistakes on their deductions may avoid criminal punishment, but they can still face penalties on taxes owed.
What is the penalty for unreported income?
Generally, taxpayers are required to file income tax returns. If a taxpayer fails to do so, a penalty of 5 percent of the balance due, plus an additional 5 percent for each month or fraction thereof during which the failure continues may be imposed. The penalty shall not exceed 25 percent.
What is mean by provisional assessment?
Provisional assessment provides a method for determining the tax liability in case the correct tax liability cannot be determined at the time of supply. The payment of provisional tax is allowed only against a bond and security. The provisional assessment has to be finalized within six months unless extended.
Who will issue attachment order?
During the pendency of certain specified proceedings under the CGST Act 2017, the Commissioner can pass an order for attachment of property including bank accounts of the taxpayer to protect the interests of the revenue. Such order may remain in effect up to one year if no action is taken.
What is time limit for completing reassessment under section 147?
The reassessment under Section 147 must be completed within 12 months from the end of the financial year in which notice was served. This time limit shall be extended by 12 months if reference is made to the Transfer Pricing Officer.
What are the power of joint commissioner of income tax?
As per section 144A the Joint Commissioner has empowered with the following powers: A Joint commissioner may on his own or on the application of assessee or reference made by the assessing officer may call for the record to examine any matter related to any proceeding on which assessment is pending.
What was the purpose of section 281B of the Income Tax Act?
Section 281B in The Income- Tax Act, 1995. 281B. 1 Provisional attachment to protect revenue in certain cases. (1) Where, during the pendency of any proceeding for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment, the 2 Assessing] Officer is of the opinion that for the purpose of
What are the proceedings under Section 281 B?
Explanation to sub-section (1) of section 281 B provides that proceedings under sub-section (5) of section 132 shall be deemed to be proceedings for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment.
What are the proceedings under Section 132 of the Income Tax Act?
For the purposes of this sub- section, proceedings, under sub- section (5) of section 132 shall be deemed to be proceedings for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment.]
Is the sub-section ( 5 ) of Section 132 omitted?
Sub-section (5) of section 132 stands omitted from 1st June, 2002. Therefore, it is proposed to omit the said Explanation.