(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

(1) The interest received by an assessee on any compensation or on enhanced compensation, shall be deemed to be the income of the tax year in which it is received, irrespective of anything to the contrary contained in section 276.(2) Any claim for escalation of price in a contract or export incentives shall be deemed

(1) If, in the case of an assessee, any income chargeable to tax has escaped assessment for any tax year (hereinafter referred to as “the relevant tax year” in this section and sections 280 to 286, the Assessing Officer may, subject to the provisions of sections 280 to 286, for the relevant tax year,––(a) assess

(1) (a) Before making the assessment, reassessment or recomputation under section 279, the Assessing Officer shall, subject to the provisions of section 281, issue a notice to the assessee, along with a copy of the order passed under section 281(3).(b) the notice referred to in clause (a) shall require the assessee to furnish, within such

(1) Where the Assessing Officer has information which suggests that income chargeable to tax has escaped assessment in the case of an assessee for the relevant tax year, he shall, before issuing any notice under section 280 provide an opportunity of being heard to such assessee by serving upon him a show cause notice.(2) The