Section 147 of ITA, 1961 : Section 147: Income Escaping Assessment

Explanation using Example

Imagine Mr. Smith, a freelance software developer, filed his tax return for the assessment year 2020-21 declaring an income of ₹10,00,000, and his return was processed without any scrutiny. Two years later, the Assessing Officer (AO) receives information that Mr. Smith had received additional income from a project worth ₹5,00,000, which was not included in his filed return. This income is chargeable to tax and appears to have escaped ...

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