Income Escaping Assessment Under Income Tax Law (As Amended by Finance Act, 2021)

»    Finance Act, 2021 (12 of 2021) 
»    Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2021 dt. 31-3-2021
»    Covid-19 Relief Provisions
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Description
Income Escaping Assessment Under Income Tax Law is a subject with very wide dimension. It may arise either because of the failure of the person liable to tax to file the return of income or because of non- disclosure of income from certain source or because of any if the situations specified in Explanation 2 to section 147. The legislature has taken care to ensure that no harassment is caused to taxpayers or that the completed assessments are not reopened without valid reasons. The Assessing Officer is, therefore, statutorily required to record reasons for formation of belief that income chargeable to tax has escaped assessment. The sanction of higher authority is also necessary. Cases beyond four years from the end if the relevant assessment year cannot be re-opened unless there is further finding that such escapement of income has occurred because of the assessee's failure to disclose fully and truly all material facts relevant for assessment. These are some of the measures enshrined in the Income-tax Act to prevent harassment to the taxpayers.   
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Content
Chapter  1    :  Introduction
Chapter  2    :  Income Escaping Assessment (Section 147)
Chapter  3    :  Reopening beyond 4 years' failure to disclose fully and truly material facts necessary for assessment
Chapter  4    :  Jurisdiction of Assessing Officer to Reopen an Assessment under Section 147
Chapter  5    :  Issue of Notice under Section 8 where Income has Escaped Assessment [Section 148]
Chapter  3    :  Limitations on the Power of Reassessment
Chapter  6    :  Conducting inquiry, providing opportunity before issue of notice under section 148 [Section 148(A)]
Chapter  7    :  Service of Notice under section 148 [Section 148(1)]
Chapter  8    :  Notice in the Name of Deceased Assessee in Reassessment Proceedings
Chapter  9    :  Reassessment - Notice against Non-Existent Entity - Validity
Chapter  10  :  Objection on the issue of notice for reassessment
Chapter  11  :  Issuance of Notice under Section 143(2) in Reassessment Proceedings
Chapter  12  :  Recording of Reasons [Section 148(2)]
Chapter  13  :  Reason to believe
Chapter  14  :  Doctrine of Change of Opinion
Chapter  15  :  Time Limit for the issue of Notice under section 148
Chapter  16  :  Powers of Appellate Authority [Section 150]
Chapter  17  :  Sanction for Issue of Notice under section 148 [Section 151]
Chapter  18  : Faceless Assessment of Income Escaping Assessment [Section 151A]
Chapter  19  :  Other Provisions [Section 152]
Chapter  20  :  Time Limit for Completion of Assessment, Reassessment and Recomputation [Section 153]
Chapter  21  :  Reopening of Assessment on the Basis of Information Received form
                          Investigation wing of the Income Tax Department
Chapter  22   : Reopening of Assessment on Account of audit Objections
Chapter  23  :  Reopening of Assessment Based on the Opinion given by the Valuation Officer
Chapter  24  :  Search and Survey and Reassessment Proceedings
Chapter  25  :  Scope of Section 147 Qua Section 154
Chapter  26  :  Reopening & Revision of Assessment
Chapter  27  :  Escapement of Income & Section 14A
Chapter  28  :  Reopening of the Assessment Based on Information Received from
                          GST Department
Chapter  29  :  Reopening on the Basis of Court Decisions
Chapter  30  :  Reopening of Assessment and Maintainability of Writ Petition
Chapter  31  :  Reopening of Assessment on the Basis of finding of Others
Chapter  32  :  Interest & Prosecutions
Chapter  33  :  Important Board's Circulars and Instructions
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Author Details
Ram Dutt Sharma, got his post-graduation (M.Sc.) from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and presently working as Income Tax Officer in Faridabad. He worked at various stations of North-West Region of Income Tax Department. He has wide experience of all wings of Income Tax Department such as assessment unit, Special Range, TDS Wing, Investigation Wing, Intelligence and Criminal Investigation etc. He has been contributing articles and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations. He is the author of number of books on direct taxes, namely Computation of income from salary under income tax law with tax planning, Computation of income from house property, Formation and Management of Charitable and Religious Trust, Educational and Medical Institutions under income-tax law, Taxation of Non-Resident Indians under income-tax law etc. which have been highly appreciated by the readers.