The Central Board of Direct Taxes has notified the Faceless Inquiry or Valuation Scheme, 2022 in order to introduce the Artificial Intelligence for Assessment Proceedings under section 142 of the Income Tax Act, 1961. The Faceless Inquiry or Valuation Scheme, 2022, covers the following: issuance of notice under section 142 of the Income Tax Act; making inquiry before assessment under …
The Income Tax faceless appeal scheme is not available in cases relating to serious fraud, major tax evasion, international tax and those under black money Act and benami property, the Finance Ministry said on Wednesday. The faceless appeal scheme was launched on September 25 and provides a fully faceless procedure for appeals to Commissioner. However, cases relating to serious frauds, …
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