Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020

Section - 4 - Insertion of new section "142B"

Insertion of new section "142B".

4. (XXII) after section 142A, the following section shall be inserted with effect from he 1st day of November, 2020, namely:-

-"142B. Faceless inquiry or Valuation - (1) The Central Government may make a scheme, by notification in the Official Gazette, for the purposes of issuing notice under sub-section (1) or making inquiry before assessment under sub-section (2), or directing the assessee to get his accounts audited under sub-section (2A) of section 142, or estimating the value of any asset, property or investment by a Valuation Officer under section 142A, so as to impart greater efficiency, transparency and accountability by-
(a)-eliminating the interface between the income-tax authority or Valuation Officer and the assessee or any person to the extent technologically feasible;
(b)-optimising uti .... To read the full section download the app from Google Play store