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Important aspect related to Assessment - Section 152 - Income Tax - Ready Reckoner - Income TaxExtract Important aspect related to Assessment - Section 152 Section 152(1) - Rate of Tax in assessment or reassessment In an assessment, reassessment or re-computation made u/s 147 the tax shall be chargeable at the rates at which it would have been charged had the income not escaped assessment (Respective year tax rate shall apply). Section 152(2) - Dropping of Assessment Proceeding Proceedings once initiated u/s 147 may be dropped by AO, If assessee satisfies him that - There will be no impact or no effect on his tax liability, even after taking into account the income escaping assessment; and He has not gone in an Appeal, Revision or Reference, against any part of original assessment order. Provided that in so doing he shall not be entitled to reopen matters concluded by an order under section 154 , 155 , 260 , 262 , or 263 .
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