Section 145B of Income Tax Act 1961, Taxability of certain income

Taxability of certain income is defined under section 145B of Income Tax Act 1961. Provision under this Section is :

Section 145B of Income Tax Act "Taxability of certain income"

145B. (1) Notwithstanding anything to the contrary contained in section 145, the interest received by an assessee on any compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the previous year in which it is received.

(2) Any claim for escalation of price in a contract or export incentives shall be deemed to be the income of the previous year in which reasonable certainty of its realisation is achieved.

(3) The income referred to in sub-clause (xviii) of clause (24) of section 2 shall be deemed to be the income of the previous year in which it is received, if not charged to income-tax in any earlier previous year.

Income Tax Act 1961

What is the Power of [Principal Director General or] Director General or [Principal Director or] Director, [Principal Chief Commissioner or] Chief Commissioner or [Principal Commissioner or] Commissioner and Joint Commissioner? Is Proceedings before income-tax authorities to be judicial proceedings? Section 135 and 136 of Income Tax Act 1961

What is Disclosure of information respecting assessees? Section 138 of Income Tax Act 1961

What is Return of income? Section 139 of Income Tax Act 1961

What is Permanent account number? Section 139A of Income Tax Act 1961

What is Scheme for submission of returns through Tax Return Preparers? Section 139B of Income Tax Act 1961

What is Power of Board to dispense with furnishing documents, etc., with return? What is Filing of return in electronic form? Section 139C and 139D of Income Tax Act 1961

Income Tax Return by whom to be verified? What is Self-assessment? Section 140 and 140A of Income Tax Act 1961

What is Inquiry before assessment? What is Estimation of value of assets by Valuation Officer? Section 142 and 142A of Income Tax Act 1961

What is Assessment? What is Best judgment assessment? Section 143 and 144 of Income Tax Act 1961

What is Power of Joint Commissioner to issue directions in certain cases? What is Reference to Commissioner in certain cases? Section 144A and 144BA of Income Tax Act 1961

What is Reference to dispute resolution panel? Section 144C of Income Tax Act 1961

What is Method of accounting? What is Method of Accounting in certain cases? Section 145 and 145A of Income Tax Act 1961

Section 145B Taxability of certain income

What is Income escaping assessment? What is Issue of notice where income has escaped assessment? Section 147 and 148 of Income Tax Act 1961

What is Time limit for notice? What are the Provision for cases where assessment is in pursuance of an order on appeal, etc? Section 149 and 150 of Income Tax Act 1961