(1) Where a return has been made under section 263, or in response to a notice under section 268(1) such return shall be processed in the following manner:—(a) the total income or loss shall be computed after making the adjustments towards the following:—(i) any arithmetical error in the return;(ii) an incorrect claim, if such incorrect […]

(1) If any person—(a) fails to make the return required under sub-section 263(1) and has not made a return or a revised return under section 263(4) or (5) or an updated return under section 263(6);(b) fails to comply with all the terms of a notice issued under section 268(1) or fails to comply with a

(1) A Joint Commissioner may, on his own motion or on a reference being made to him by the 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

(1) Irrespective of anything to the contrary contained in any other provision of this Act, the assessment, reassessment or recomputation under section 270(10) or 271 or 279, as the case may be, with respect to the cases referred to in sub-section (2), shall be made in a faceless manner as per such procedure, as prescribed

(1) The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the specified business or profession mentioned in column B of the Table in sub-section (2). (2) The profits and gains of any specified business or profession as mentioned in column B of the Table below, carried

(1) Every person, carrying on the business or profession fulfilling the conditions specified in column B of the Table below, shall get his accounts of the tax year audited by an accountant, before the specified date Table Sl. No. Conditions for Getting Books of Account Audited A B 1 Where the total sales, turnover, or

(1) The Assessing Officer may make a reference to the Principal Commissioner or Commissioner at any stage of the assessment or reassessment proceedings before him, if, having regard to the material and evidence available with him, he considers that it is necessary to—(a) declare an arrangement as an impermissible avoidance arrangement; and(b) determine the consequence

 (1) The Assessing Officer shall, irrespective of anything to the contrary contained in this Act, in the first instance, forward a draft of the proposed order of assessment (hereafter in this section referred to as the draft order) to the eligible assessee, if he proposes to make any variation which is prejudicial to the interest

(1) Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall, subject to the provisions of sub-section (2), be computed as per either cash or mercantile system of accounting regularly employed by the assessee.(2) The Central Government may notify income computation and disclosure standards to be followed

Section 277 of the Income Tax Act, 2025, outlines inventory valuation for business income. Inventory is valued at the lower of actual cost or net realizable value per ICDS under section 276(2). It includes taxes, duties, cess, or fees paid to bring goods to their location. Unlisted or irregularly quoted securities are valued at actual