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Tag Archives: section 92 E

Provision Of Reassessment Under Income Tax Act 1961- PART II

What are the Provisions for Re-opening an Assessment

Continued from Provision Of Reassessment Under Income Tax Act 1961- PART I Case Situation 3 In case, the assessee has to file u/s 92 E reports against some international transaction he made: In this case, the income escaping reassessment is applicable if the AO believes that the assessee has entered into an international transaction that requires him to file u/s 92E report ... Read More »

Provision Of Reassessment Under Income Tax Act 1961- PART I

SEC 234 income-tax-act 1961

Reassessment of income as the word suggests is assessing the income of an assessee again even when the assessment has taken place earlier. Such reassessment of income is often carried out when the AO notices that some of the income has not been included in the assessment and its source needs to be explored further. Escapement of income is another ... Read More »