CURRENT AFFAIRS

Detailed explanation-1: -Now, the Group Assessment Scheme has fructified by the legislation of sections 143(3A) and 143(3B) in the Income-tax Act by the Finance Act 2018 and notification of E-assessment Scheme by the notifications S.O. Nos 3264 and 3265 dated 12.09. 2019.

Detailed explanation-2: -In the Union Budget 2019, the Finance Minister proposed the introduction of a scheme of faceless e-assessment. The scheme seeks to eliminate the human interface between the taxpayer and the income tax department. The scheme lays down the procedure to carry out a faceless assessment through electronic mode.

Detailed explanation-3: -The income tax department has now launched the Faceless facility for income tax appeals. Under the facility, all the cases will be completed in a faceless way in a faceless environment except for appeals that are related to evasion of tax, serious frauds, black money, international tax, and special research.

Detailed explanation-4: -Faceless Approval or Registration The central government has the power to design a scheme to give approvals by the income-tax authority under any clause of the act. This provision is made under section 293D.

Detailed explanation-5: -The Income Tax notice u/s 143(2) is issued with the aim of ensuring that the taxpayers has not understated any income or shown excessive loss or has paid lower tax. This notice is also known as scrutiny notice. Moreover, notice u/s 143(2) can only be issued if income tax return has been filed by the taxpayer.