New Provision
Section 504, IT Act 2025
Replaces (IT Act 1961)
284
Chapter
Chapter XXII — Miscellaneous
Effective From
1 April 2026
Statutory Text — Section 504
ere an assessment is to be made under section 320, the Assessing Officer may serve on the— (a) person whose income is to be assessed; or (b) person who was a member of a firm or association of persons at the time of its discontinuance, in the case of a firm or an association of persons; or (c) principal officer, in the case of a company, a notice containing all or any of the requirements which may be included in a notice under section 268(1) and the provisions of this Act shall, so far as may be, apply accordingly as if the notice were a notice issued under that section.
Shahi & Co. — Our Understanding
This section falls under Chapter XXII (Miscellaneous) which contains general provisions including powers of the Board, rounding off, and savings provisions.
Practical Note: These provisions govern administrative aspects of the Act. Section 533 (power to make rules) and Section 536 (repeal and savings) are particularly important for understanding the transition from the old Act to the new one.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 504 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.