Handbook on Faceless Assessment

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Description
Faceless Assessment Process was introduced in the Income Tax to provide for greater efficiency, transparency and accountability in Assessment Procedures. Section 144B was inserted in the Income Tax Act to provide the procedure for faceless assessment with effect from 01.04.2021. However, in implementing the faceless assessment procedures, certain difficulties were encountered by the administration and by the Tax payers. In order to remove the difficulties in this excisting faceless assessment procedure, Finance Act, 2022 amended Sec. 1443 which is expected to streamline the process and provide for effective Implementation of the Faceless Assessments. Consequently, various Faceless Assessment related schemes were also notified. In order to provide better understanding about the insights of this New Faceless Assessment procedures, sincere attempt is made through this updated edition, to ensure providing simple explanation to users on the provisions of the assessment scheme including the background for introduction of this scheme and related income Tax provisions in an lucid fashion. The Highlights of this New updated edition includes
o Complete coverage of updated Faceless Assessment Procedures
o Detailed discussion of provisions of Income Tax Act relating to Assessments, Search, and
    other relevant topics. 
o Separate topic of discussion for the latest schemes notified in such as - 
           o Faceless Appeal Scheme, 2021
           o Faceless Penalty Scheme, 2021
           o E-Advance Rulings Scheme, 2021
           o E-Settlement Scheme & E-Verification Scheme, 2022
           o Faceless Jurisdiction of Income Tax Authorities Scheme, 2021
           o E-Assessment of Income Escaping Assessment Scheme, 2022
           o Faceless Inquiry or Valuation Scheme, 2022

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Table of Contents
Chapters
Part I
1    Introduction to e-Assessment in India
2    Faceless Assessment Scheme
3    Faceless Appeal Scheme
4    Faceless Penalty Scheme
5    Other Faceless Schemes
Part II
6    Assessment Procedure in Income Tax Act
7    Assessment Procedures - Income Escaping Assessment
8    Assessment Procedure - Search Assessment
9    Penalties and Prosecution
Part III
10    Related Provisions of the Incom
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Author Details
CA G. Sekar