Income That is Taxable in The Year Itself !

Under Income Tax Act, a person is supposed to file tax return after the financial year in which the income was earned .Therefore, assessing officer can assess the income in next year only. For example , you earn income for FY 2012-13 , for which every tax payer  is given time of filing return in next year by July or September as the case may be. Thus, the incidence of being assessed comes next to the FY in which income was earned.

But here are list of five types of income which is assessed in the same year in which it is earned . It means
that Income Tax Act has provided powers to assessing officer to assess the income in the year of receipt or accrual or arising or deemed to arise without waiting for the next year when the person is supposed to file tax return.
Section 172: Shipping business income of non residents –
The law u/s 172 of I.T.Act provides that ship belonging to or chartered by a non resident which is used for carrying passengers, livestock or mail or goods loaded at any Indian port shall have to file a return with the TDS wing of the place where the port is situated and the A.O (TDS) will tax the income computed at the rate of 7.5 % of the total turnover of the ship as declared in the return. Yes, the non-resident has an option get assessment under normal provision also.
Unless a no demand certificate is obtained from A.O , the custom authority will not the ship sail from Indian port.
Section 174:Person leaving India
If A.O has reason to believe that an Individual may leave India during an assessment year or shortly after its expiry and it is belief of A.O that the individual is not likely to return to India , he has got power to issue notice to the person for filing the return within at least 7 days.
Section 174A: Assessment of temporary events
Many time, various programs or events or conference are organized by a group of persons. For example, say some individuals organized jointly a Pop Stars musical night. In that case the income of the AOP  or BOI can be done by the A.O under section 174A in the same year when the event took place. In that case , provision applicable for persons leaving India u/s 174(2) to 174(6) shall apply.
Section 175: Persons likely to transfer property to avoid tax
When A.O gets a feeling or information that any person is likely to charge, sell, transfer, dispose of or otherwise part with any of his assets with a view to avoiding payment of any liability under the provisions of this Act, he can start proceeding to assess his income and provision of subsection 2 to 6 of section 174 of the Income Tax Act shall apply in his case.
Section 176: Discontinued business or profession
In case a business or profession is discontinued during the year itself, in that case also , A.O can make assessment of total income of the person for that business and charge to tax in that year only. For that reason only, section 176 of the I.T.Act provides that a person discontinuing the business or profession must inform the A.O within 15 days of his discontinuance.