What is Section 295 of Income Tax Act?

295. (1) The Board may, subject to the control of the Central Government, by notification in the Gazette of India, make rules for the whole or any part of India for carrying out the purposes of this Act.

Does Limitation Act apply to Income Tax Act?

It is submitted that the Limitation Act, 1963 has no application to the Income Tax Act, 1961, which is a self-contained Code. Under the Income Tax Act, 1961, separate and specific provisions of limitation have been prescribed under the various relevant sections.

What is Section 243 of Income Tax Act?

Section 243 of Income Tax Act “Interest on delayed refunds” -If the delay in granting the refund within the period of three months aforesaid is attributable to the assessee, whether wholly or in part, the period of the delay attributable to him shall be excluded from the period for which interest is payable.

What is Section 119 of Income Tax Act?

Section 119 – In brief In addition, section 119(2)(b) empowers CBDT to direct income tax authorities to allow any claim for exemption, deduction, refund and any other relief under the income tax act even after the expiry of the time limit to make such claim.

What is Section 147 of income tax Act?

Section 147 of the Income Tax Act, 1961 provides for the reopening of assessment proceedings. This section gives discretion to the Assessing Officer (AO) to reopen the assessment proceedings when he/she has reason to believe that some of the income has escaped assessment.

What is 11C and N11C?

While making Tax payment of Penalty online, The bank site is asking to fill up penalty payment code as 11c or N11c…. Code 11C is for Penalty Order u/s 271(1) (c) and N11C is for Order Other than u/s 271(1) (c).

What is Section 234 of Income Tax Act?

Interest under section 234A is levied for delay in filing the return of income. Interest is levied at 1% per month or part of a month. The nature of interest is simple interest. In other words, the taxpayer is liable to pay simple interest @ 1% per month or part of a month for delay in filing the return of income.

What is 119 2 )( B of Income Tax Act?

What is section 266 of the tax code?

Under Section 266, the IRS allows taxpayers to capitalize taxes, interest, and carrying charges that would otherwise be deducted or lost. This election provides flexibility, is made on a year-by-year basis, and allows for the capitalization of any or all three categories of expenses—taxes, interest and carrying charges.

What is “in due time” in Income Tax Act?

In the case of Prakash Nath Khanna and Anr. Vs. Commissioner of Income Tax and Anr. (2004) 266 ITR 1, (SC) which dealt with Section 276CC of the Income Tax Act 1961, it was held that one of the significant terms used in Section 276CC (offence of failure to furnish return of income) of the Income-tax Act, 1961, is “in due time”.

What is Chapter XXII of the Income Tax Act?

Chapter XXII of the Income Tax Act deals with Offences and Prosecutions. The relevant sections are from 275A to 280D. Normally Criminal complaints are filed by the Income Tax Department for offences punishable under Section 276C, 276CC and 276B of the Income Tax Act.

What is Section 279 of the Income Tax Act?

As per Section 279 of the Income Tax Act, a person shall not be proceeded for an offence under the Act except with the previous sanction of the [Principal Commissioner or] Commissioner or Commissioner (Appeals) or the appropriate authority.