Section 116 of ITA, 1961 : Section 116: Income-Tax Authorities

Explanation using Example

Imagine a small business owner, Mr. Sharma, who has recently started a technology consulting firm. As his business grows, he needs to understand his tax obligations and ensure he complies with the Income-tax Act, 1961. Mr. Sharma hires an accountant who advises him to maintain proper financial records for tax filing purposes.

During the assessment year, an Income-tax Officer (listed under point (f) in Section 116) is responsible for examining Mr. Sharma's tax returns. If there are any discrepancies or complex issues...

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