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of <h1>Clarifications on Section 143(1) Assessment: 'Last Assessed Income,' Small Income Scheme, and Hindi Loans/Cash Credits Explained.</h1> The circular addresses clarifications regarding the assessment process under Section 143(1) of the Income Tax Act, 1961. It provides responses to specific queries raised by Commissioners about the interpretation of 'last assessed income,' suggesting it should be understood as the income assessed on the first day of the financial year. It also clarifies the applicability of a small income scheme to partners' assessments, noting that if any assessment exceeds certain income thresholds, the scheme does not apply. Additionally, it addresses the acceptance of Hindi loans or cash credits up to Rs.5,000 without inquiry, seeking clarity on the basis for this limit.
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