Rectification Time Limits: Assessing Officer may amend assessments when specified triggering events change assessed income. Clause 288 authorises the Assessing Officer to amend completed assessments for specified triggers - such as nondeductibility of firm remuneration, ... Summary
Rectification Time Limits: Assessing Officer may amend assessments when specified triggering events change assessed income.
Clause 288 authorises the Assessing Officer to amend completed assessments for specified triggers - such as nondeductibility of firm remuneration, incorrect shares from associations, recomputation of losses affecting succeeding years, changed capital gains treatment, late receipt or remittance of foreign income, settlement of foreign tax disputes, revision of stamp duty valuations or compensation, patent revocation, and TDS allocation - within the prescribed time frames and subject to conditions in the Table and section 287.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.