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Section 154 of the Income Tax Act, 1961, allows the Assessing Officer (AO), Commissioner (Appeals), or other tax authorities to correct apparent mistakes in their orders, including: Arithmetical errors(e.g., incorrect tax calculations). Factual oversights(e.g., missed deductions). Legal mistakes(e.g., misapplication of tax provisions). 1. Key Features of Section 154 (A) Who Can File a Rectification? Taxpayer: Can apply for corrections within 4 yearsfrom […]

Section 156 of the Income Tax Act, 1961, governs the issuance of demand notices by the Assessing Officer (AO) to taxpayers for unpaid taxes, interest, penalties, or other dues. It formalizes the process of notifying taxpayers about their outstanding liabilities and specifies the timeline for compliance. 1. Key Provisions of Section 156 (A) Purpose of the Notice A demand notice under Section 156is

Section 157 deals with the communication of losses determined by the Assessing Officer (AO) to taxpayers. This provision ensures formal intimation when the AO disagrees with the taxpayer’s declared losses or modifies them during assessment. Key Aspects of Section 157 Purpose Provides official notice when the AO modifies/cancels a taxpayer’s declared loss Serves as the basis for

Overview Section 157A of the Income Tax Act, 1961, was introduced to empower the Central Government to create a faceless mechanism for: Rectification of mistakes apparent from the record Carrying out amendments Issuing notices or intimations This provision aligns with the broader aim of the Income Tax Act to reduce human interface and bring transparency, efficiency, and