TMI BlogTime Limit for Re-computation of income/amendment of order of the past years in certain cases – Section 155X X X X Extracts X X X X X X X X Extracts X X X X ..... 155(1A) 155(2) Amendment of partners assessment in respect of remuneration deductible u/s 40(b) due to assessment or reassessment of firm Within 4 years from the end of the financial year in which final order is passed in case of firm. 155(4) Recomputation of total income for succeeding year(s) necessitated because of loss or depreciation for an earlier year, in consequence of recomputation in proceeding u/s 147 Within 4 years from the end of the financial year in which order u/s 147 is passed. 155(7B) Recomputing of deemed capital gain u/s 47A Within 4 years from end of PY in which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in section 90 / 90A / 91 has not been given on the ground that the payment of such tax was under dispute, and if subsequently such dispute is settled; and the assessee, within 6 months from the end of the month in which the dispute is settled, furnishes to the AO evidence of settlement of dispute and evidence of payment of such tax along with an undertaking that no credit in respect of such amount has directly or indirectly been claimed or shall be claimed for any other assessment year. The AO shall amend the order of assessment or any intimation or deemed intimation u/s 143(1) , as the case may be, and the provisions of section 154 shall, so far as may be, apply thereto. However, the credit of tax which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such claim shall be deemed to be under-reported income of the assessee for such previous year for the purposes of section 270A(3) . Exception:- in a case where the assessee makes an application to the Assessing Officer in the prescribed form and within the prescribed time, requesting for recomputation of the total income of the previous year without allowing the claim for deduction of surcharge or cess and pays the amount due thereon within the specified time, such claim shall not be deemed to be under-reported income for the purposes of section 270A(3). the period of four years specified in section 154(7) being reckoned from the end of the previous year commencing on the 1st day of April, 2021 Note: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f two years from the end of the financial year in which such tax was deducted at source, amend the order of assessment or any intimation allowing credit of such tax deducted at source in the relevant assessment year. The period of four years specified in section 154(7) of that section shall be reckoned from the end of the financial year in which such tax has been deducted. Application under of section 155(20) regarding credit of tax deduction at source - The application required to be made by the assessee shall be in Form No. 71 . [ w.e.f. 01.10.2023 Rule 134 of Income Tax Act ] - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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