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of <h1>CBDT Confirms Income Limits for Summary Assessment of Registered Firms; No Change in Regional Limits.</h1> The circular from the Central Board of Direct Taxes (CBDT) dated June 6, 1975, addresses the summary assessment scheme for registered firms under the Income Tax Act, 1961. It clarifies that registered firms with incomes up to Rs. 25,000 (or Rs. 50,000 in Bombay and Calcutta) are eligible for summary assessment, maintaining the limits set in earlier instructions. The Board rejected a proposal to increase the income limit for summary assessments to Rs. 50,000 for all regions. The instructions must be communicated to all relevant officers to ensure compliance.
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