Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Act 1987: Amendments to Income-tax Act Section 245C on Settlement Applications and Tax Calculation Methods.</h1> The Finance Act, 1987, amends section 245C of the Income-tax Act, effective June 1, 1987. The amendment stipulates that applications for settlement are only permissible if the assessee has filed the required income tax return and the additional tax payable exceeds fifty thousand rupees. It revises subsections (1B) and (1C) to specify tax calculation methods based on whether the income disclosed pertains to one previous year and whether a return has been filed. The tax is computed differently depending on the status of the return and any pending reassessment proceedings, with adjustments for previously assessed income.
TaxTMI 
TaxTMI 
