Amendments made to provisions of Income escaping assessment and search assessments by Budget 2021-22. Revised time limit for issuing notice Under the existing provisions, the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may reopen the …

Payment by employer of employee contribution after due date to be disallowed  Clause (24) of section 2 of the Income Tax Act provides an inclusive definition of the income. Sub-clause (x) to the said clause provide that income to include any sum received by the assessee from his …

Exemption to be given from the conditions of defective return . Budget 2021-22 Sub-section (9) of section 139 of the Act lays down the procedure for curing a defective return. It provides that in case a return of income is found to be defective, the Assessing Officer will …

Time limit for filing belated and revised return reduced to three months – Budget 2021-22 Sub-sections (4) and (5) of section 139 of the Act contain provisions relating to the filing of belated and revised returns of income respectively. At present the belated or revised returns could be …

Increase in the turnover limit for Tax Audit u/s 44AB from 5 crores to 10 crores for non cash transactions. Budget 2021-22 Presently, under section 44AB of the Income Tax Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover …

Relaxation for certain category of senior citizen of 75 years or more from filing return of income-tax (ITR) in Union Budget 2021-22 Section 194P introduced by Finance Act 2021 Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that …