Can anybody enlighten me on section 154 and section 155 of income tax act 1961.Also what is the difference between these two sections.
varsha singh (Student CA Final ) (24 Points)
19 May 2014Can anybody enlighten me on section 154 and section 155 of income tax act 1961.Also what is the difference between these two sections.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 19 May 2014
BY AO
BY CIT
BY OTHER INCOME TAX ATHORITY AS GIVEN U/S 116
i.e. CBDT,DGIT/CCIT/DIT/CIT/CIT(A)/ADIT/ACIT/ACIT(A)/JDIT/JCIT/DDIT/DCIT/DCIT(A)/ADIT/ACIT/
ITO/TRO/ Inspectors of Income Tax.
2.Section 154 (1A)
Where any matter had been considered and decided in any proceeding by way of appeal or revision, Rectification of such matter can not be done by AO u/s 154.
3.Section 154 (2)
AO can amend order either
Rectification can be made within 4 year from the end of the financial year in which order sought to be amended was passed.
NOTE:
AO has to pass an order within 6 month from the end of month in which such application is made to officers as given u/s 154 (1).
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 19 May 2014
to the extant i understand section 154 and 155 is as follows
154 deals with apparent mistakes have done by Assessing Officers" and can be rectified with in 4 year from.....
but 155 deals with the mistakes which is not apparent and time limit would be upto 10 years or so .....
Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance
CAclubindia
