TaxTMI Login
Just a moment...
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>Gift-tax Act Amendment Reduces Time Limits for Assessment Orders Under Sections 15 and 16</h1> The amendment to Section 16A of the Gift-tax Act modifies time limitations for assessment procedures. Assessment orders under Section 15 must be made within one year from the end of the assessment year, with special provisions for assessment years 1985-86 allowing completion by March 31, 1990. For assessments or reassessments under Section 16, the time limit is reduced to two years from the end of the financial year when notice was served, with similar transitional provisions for 1985-86. The amendment also reduces the time limit in sub-section (3) from four years to two years, while providing an extension until March 31, 1990 for certain cases where assessment was set aside during financial years 1985-86.
TaxTMI 
TaxTMI 
