New scheme for scrutiny assessment

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..... New scheme for scrutiny assessment - Budget Dated:- 5-2-2018 - News - F. IMPROVING EFFECTIVENESS OF TAX ADMINISTRATION New scheme for scrutiny assessment Section 143 of the Act provides for the procedure for assessment. Sub-section (3) of the said section empowers the Assessing Officer to make, by an order in writing, an assessment of total income or loss of the assessee, and determi .....

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..... ne the sum payable by him or refund of any amount due to him on the basis of such assessment. It is proposed to prescribe a new scheme for the purpose of making assessments so as to impart greater transparency and accountability, by eliminating the interface between the Assessing Officer and the assessee, optimal utilization of the resources, and introduction of team-based assessment. Theref .....

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..... ore, it is proposed to amend the section 143, by inserting a new sub-section (3A), after sub-section (3), enabling the Central Government to prescribe the aforementioned new scheme for scrutiny assessments, by way of notification in the Official Gazette. It is further proposed to insert sub-section (3B) in the said section, enabling the Central Government to direct, by notification in the Off .....

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..... icial Gazette, that any of the provisions of this Act relating to assessment shall not apply, or shall apply with such exceptions, modifications and adaptations as may be specified therein. However, no such direction shall be issued after the 31st March 2020. It is also proposed to insert sub-section (3C) in the said section, to provide that every notification issued under the sub-section (3A) .....

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..... and sub-section (3B), shall be laid before each House of Parliament, as soon as may be. These amendments will take effect from 1st April, 2018. [ Clause 44 ] - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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