What is Section 127 of Income Tax Act?

What is Section 127 of Income Tax Act?

(1) The Director General or Chief Commissioner or Commissioner may, after giving the assessee a reasonable opportunity of being heard in the matter, wherever it is possible to do so, and after recording his reasons for doing so, transfer any case from one or more Assessing Officers subordinate to him (whether with or …

What is Section 124 of Income Tax Act?

Jurisdiction of Income-tax Officers. 124. [(1) Income-tax Officer shall perform their functions in respect of such areas or of such persons or classes of persons or of such incomes or classes of income or of such cases or classes of cases as the Commissioner may direct.

What is Sec 133 of IT Act?

Section 133(6) is a section in the Income Tax Act which grants investigative power to the assessing officers. The investigative power includes demanding information that is relevant for any proceedings under the Income Tax Act.

How do I reply to income tax notice us 133 6?

24 November 2011 the info sought u/s 133(6) is a factual detail and should be given out without further delay. In the response you may either like to reproduce details sought in the response, folowed by your details, alternatively append 133(6) notice along with this response.

What is Income Tax Rules 127 and 127A?

“127A.Authentication of notices and other documents- (ii) is printed on the attachment in the electronic record, if the notice or other document is in the attachment, and such electronic record is displayed on the designated website.

What is claim incentive under section 127?

A8 ENTITLED TO CLAIM INCENTIVE UNDER SECTION 127 Refers to incentives (for example exemptions) under the provision of paragraph 127(3)(b) or subsection 127(3A) of ITA 1967 entitled to be claimed as per the Government gazette or Minister’s approval letter. the application for incentive is not approved by the Minister.

What is Section 120 of Income Tax Act?

In terms of section 120 of the Ordinance, a return filed by a taxpayer is deemed to be an assessment order on the day such return is filed, and the Commissioner is taken to have made the assessment of taxable income and tax chargeable equal to the amounts declared by the taxpayer.

What is jurisdictional assessment?

Section 124 of the Income-tax Act, 1961, reads “where the Assessing Officer has been vested with jurisdiction over any area, within the limits of such area, he would have jurisdiction in respect of any person carrying on a business or profession, if the place at which he carries on his business or profession is …

What is Section 134 of Income Tax Act?

Section 134 of IT Act 1961-2020 provides for Power to inspect registers of companies.

What is Section 148 of Income Tax Act?

Section 148 grants an Assessing Officer the power to either assess or re-assess any taxable income that may have gone under the radar, and has not been assessed as per the stipulated guidelines of the Income Tax Act.

What is Section 110 tax deduction?

Where the beneficiaries’ trust statutory income is not deducted from the trust total income, sub-sections (8) and (9) of section 110 provide for proportionate tax credit to be deducted in arriving at the tax payable by the beneficiaries.

What is Schedule 6 of Income Tax Act?

This part of Schedule sets out the minimum requirements for disclosure on the face of the Balance Sheet, and the Statement of Profit and Loss (hereinafter referred to as “Financial Statements” for the purpose of this Schedule) and Notes.

What is Section 129 of the Income Tax Act 1961?

Section 129 – Change of incumbent of an office – Income-tax Act, 1961 Notification No. 62/2019 – Dated: 12-9-2019 – Central Government makes the directions giving effect to the E-assessment Scheme, 2019 Section 275 – Bar of limitation for imposing penalties

What is Section 127 of IT Act 1961-2020?

Chapter XIII (Sections 116 to 138) of the Income Tax Act 1961 deals with the provisions related to Income-tax Authorities. Section 129 of IT Act 1961-2020 provides for Change of incumbent of an office. Recently, we have discussed in detail section 127 (Power to transfer cases) of IT Act 1961.

What is section 129129(1)?

129 (1) Where a return of a corporation’s income under this Part for a taxation year is made within 3 years after the end of the year, the Minister