What are the cases where income escaping assessment will apply?
Under section 147 the following shall also be deemed to be the case where income has escaped assessment:
- Income more than basic exemption but return not filed
- Income has been under assessed or excessive loss, depreciation allowed to assessee
- Taxes paid at lower rate
- Where person is found having any asset located outside India
- Where assessee fails to furnish report of transfer pricing under section 92E
- On the basis of information and document record from income tax authority under section 133C(2), it is notice by assessing officer that assessee under stated the income or has claimed excessive loss, deduction allowance or relief in return
- On the basis of information and document received from income tax authority under section 133C(2) it is notice by assessing officer that the income is more than the basic exemption limit and the assessee needs to file return.
to post comment