What is Intimation of loss? What is Intimation of assessment of firm? Section 157 and 158 of Income Tax Act 1961

Intimation of loss and Intimation of assessment of firm are defined under section 157 and 158 of Income Tax Act 1961. Provisions under these Sections are :

Section 157 of Income Tax Act "Intimation of loss"

Section 157. When, in the course of the assessment of the total income of any assessee, it is established that a loss has taken place which the assessee is entitled to have carried forward and set off under the provisions of sub-section (1) of section 72, sub-section (2) of section 73, sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74A, the Assessing Officer shall notify to the assessee by an order in writing the amount of the loss as computed by him for the purposes of sub-section (1) of section 72, sub-section (2) of section 73, sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74A.

 

Section 158 of Income Tax Act "Intimation of assessment of firm"
Section 158. 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.

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