Assessment (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 error in the return;   […]

Faceless inquiry or Valuation (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, or estimating the value of any

Method of accounting in certain cases For the purpose of determining the income chargeable under the head “Profits and gains of business or profession”,—   (i) the valuation of inventory shall be made at lower of actual cost or net realisable value computed in accordance with the income computation and disclosure standards notified under sub-section (2)

Estimation of value of assets by Valuation Officer (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. (2) The Assessing Officer may make

Self-assessment (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;   (ii) any tax deducted or collected

Return by whom to be verified 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 he is mentally

Tax on updated return The Indian Income Tax Act, 1961 offers a valuable provision, Section 140B, to facilitate accurate tax reporting and voluntary compliance. This section empowers taxpayers to file an updated return, even after the due date, under specific conditions. By understanding these provisions, you can ensure timely and correct tax payment, avoiding potential

Filing of return in electronic form 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 documents, statements, receipts, certificates or audited

Provisional assessment [Omitted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971.] Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income

Power of Board to dispense with furnishing documents, etc., with return (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 provisions of this Act, except section 139D,