Section 167 of Income Tax Act for AY 2023-24

Section 167 of Income Tax Act amended by Finance Act and Income-tax Rules. Remedies against property in cases of representative assessees.

Amended and updated notes on section 167 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 Remedies against property in cases of representative assessees.

Chapter XV (Sections 159 to 180A) of the Income Tax Act 1961 deals with the provisions related to liability in special cases. Section 167 of IT Act 1961 provides for Remedies against property in cases of representative assessees.

Recently, we have discussed in detail section 166 (Direct assessment or recovery not barred) of IT Act 1961. Today, we learn the provisions of section 167 of Income-tax Act 1961. The amended provision of section 167 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 167 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-167: Remedies against property in cases of representative assessees

The Assessing Officer shall have the same remedies against all property of any kind vested in or under the control or management of any representative assessee as he would have against the property of any person liable to pay any tax, and in as full and ample a manner, whether the demand is raised against the representative assessee or against the beneficiary direct.


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