Amended and updated notes on section 158 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to intimation of assessment of firm.
Chapter XIV (Sections 139 to 158) of the Income Tax Act 1961 deals with the provisions related to procedure for assessment. Section 158 of IT Act 1961 provides for intimation of assessment of firm.
Recently, we have discussed in detail section 157A (Faceless rectification, amendments and issuance of notice or intimation) of IT Act 1961. Today, we learn the provisions of section 158 of Income-tax Act 1961. The amended provision of section 158 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 158 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-158: Intimation of Assessment of Firm
Whenever, in respect of the assessment year commencing on the 1st day of April, 1992, or any earlier assessment year, a registered firm is assessed, or an unregistered firm is assessed under the provisions of clause (b) of section 183, the Assessing Officer shall notify to the firm by an order in writing the amount of its total income assessed and the apportionment thereof between the several partners.