(1) The prescribed income-tax authority may, for the purposes of verification of information in its possession relating to any person, issue a notice to such person requiring him, on or before a date to be specified therein, to furnish information or documents verified in the manner specified therein, which may be …
What is Section 133 of Income Tax Act?
Section 133(6) is a section in the Income Tax Act which grants investigative power to the assessing officers. The investigative power includes demanding information that is relevant for any proceedings under the Income Tax Act.
What is Section 132 of Income Tax Act?
(1A) 1 Where any 2 Chief Commissioner or Commissioner], in consequence of information in his possession, has reason to suspect that any books of account, other documents, money, bullion, jewellery or other valuable article or thing in respect of which an officer has been authorised by the 3 Director General or Director …
What is Section 139 of IT Act?
Section 139 of the Income Tax Act 1961, contains various provisions related to late filing of various income tax returns. If any individual or non-individual tax assessee has not filed tax returns within the specified deadline, Section 139 also features the guidelines to file delayed returns.
Who have given the power to inspect register of companies?
The Assessing Officer, the Deputy Commissioner (Appeals), the Joint Commissioner or the Commissioner (Appeals), or any person subordinate to him authorised in writing in this behalf by the Assessing Officer, the Deputy Commissioner (Appeals), the Joint Commissioner or the Commissioner (Appeals), may inspect, and if …
What is Section 148 of Income Tax Act?
Section 148 grants an Assessing Officer the power to either assess or re-assess any taxable income that may have gone under the radar, and has not been assessed as per the stipulated guidelines of the Income Tax Act.
What is Section 56 2 of income tax?
Section 56(2)(x) provides that following receipts shall be taxed in hands of any person where received from any person or persons on or after 01.04. 2017 during any previous year. (a) Any sum of money exceeding Rs. 50000 in aggregate without consideration.
What is Section 139 9 in income tax?
Section 139(9) of the Income Tax Act, 1961 states that when a return is found defective, the A.O. gives you a period of 15 days to correct the mistake.
Are you filing under 139?
As per the 7th Proviso to Section 139 (1), it is mandatory to file the income tax return for a certain class of people who carries out certain high-value transactions mentioned in the section even though their total income is below the basic exemption limit (who are otherwise not required to file the income tax return) …
What is income tax Section 139 4?
Section 139(4) deals with late filing Income Tax Returns. An individual or entity must furnish Income Tax Returns before the due dates as specified under Section 142(1). In case they fail to do so, the returns for the belated years can, however, be filed until the expiry date of the current financial year.