Income-tax Act, 2025

Other amendments - Section 288

Other amendments.

288. (1) The Assessing Officer, may carry out such actions as are specified in column B of the Table below for reasons mentioned therein, subject to the conditions as specified in column C, within four years referred to in section 287(8) which shall be reckoned from the time as specified in column D, and the provisions of section 287 shall, so far as may be, apply to such amendment:

TABLE

Sl. No.

Actions

Conditions

Time

A

B

C

D

1.

Amendment of order of assessment of the partner of a firm so as to adjust the income of the partner corresponding to the amount not deductible under section 35(e).

Where any remuneration to any partner determined in completed assessment of the firm is subsequently found not deductible under section 35(e) in terms of

(a) assessment or reassessment of the firm; or

(b) any reduction or enhancement made in the income of the firm under this section or section 287 or 359 or 363 or 365 or 368 or 377 or 378; or

(c) any order passed under section 245D(4) of the Income-tax Act, 1961 (43 of 1961) on the application made by the firm.

From the end of the financial year in which the subsequent order was passed in the case of the firm.

2.

Amendment of order of assessment of the member of an association of persons or of a body of individuals; so as to include the share of the member in the assessment or the corrections thereof.

Where the share of the member in the income of the association of persons
or body of individuals determined in completed assessment is subsequently found not included in the assessment of

the member or, if included, is not correct in terms of

(a) assessment or reassessment of the association or body;

(b) any reduction or enhancement made in the income of the association or body under this section or section .... To read the full section download the app from Google Play store