lets discuss important sections in brief

LETS DISCUSS SECTION 149(1) IN BRIEF(TIME LIMIT FOR ISSUE OF NOTICE U/S 148)

IT SAYS

A- NOTICE UNDER SECTION 148 CANNOT BE ISSUED FOR RELEVANT A.Y.

AFTER 4 YEARS FROM THE END OF RELEVANT A.Y.  UNLESS THE CASE FALLS IN OTHER CATEGORY.

B-NOTICE CAN BE ISSUED U/S 148 AFTER 4 YEARS BUT UPTO 6 YRS FROM THE END OF RELEVANT A.Y.

UNLESS ESCAPED INCOME AMOUNTS TO OR LIKELY TO AMOUNT 1 LACS OR MORE FOR THAT YEAR.

2MORO WE'LL DISCUSS SEC 151

it is unless only not if....

hi

ya in the bookish terms it is unless

agreed

but for better understanding, cant we say it as 'if'

according to me that is what it says

please correct me if i am wrong

ya we can say it as if...........

and bring out the meaning.............

thats one and the same........

thanx for discussing

in fact thanks a lot for helping me understand this section

hope there would be many more helpful discussions from ur end on assessment procedures.

thanks a ton

ur most welcome................

I am also interested in this discussion. 

Will you tell me is there only one condition of Rs.1 lakh to issue notice u/s148 after 4 years or is there any other condition also??

u r cordially welcome vikas

yes,there is only one condition only and not more for issuing notice u/s 148 after 4 years but not more than six years.

hi disha, 

As I remember of my coaching sir,  I think there is a condition like if there is any invovlvement of fraud or misrepresentation in income, then also action can be taken after 4 years.. Is that true??

i havent read so.

whch book r u refering?

http://taxguru.in/income-tax-case-laws/notice-148-issued-assessee-4-years-assessee-disclosed-material-facts-assessment-proceedings.html

Notice u/s 148 issued to assessee after four years on the grounds that assessee has not truly and fairly disclosed material facts during assessment proceedings u/s 143(3).

Thanks Girish for solving my doubt..

I have one doubt regarding Section 234A.. 

Is there any role of self assessment tax paid in determination of interest u/s 234A..

For ex. if I have tax liability of Rs.40000 and I paid Rs.5000 before due date and I filed my ITR after due date, on what amount I am required to pay the interest?

the balance amount only i suppose

why will you bear the interest on tax paid?

o.O

please correct me if i am wrong....

I was also thinking the same girish, but in section 234 A there is no reference to deduction of self assessment tax paid. 

As per sec.234 A, in order to calculate the amount on which interest is calculated, advance tax paid, TDS, TCS, any relief u/s 90, 90A, 91 and any tax credit allowed u/s 115JAA are deducted from the tax determined under section 143(1) or under any regular assessment. that is self deduction tax is not deducted.

but in the illustration given in V.K. Singhania book, interest is calculated only on unpaid amount.

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