Every year all the citizens in India are expected to submit their income tax return furnishing their income details, tax information along with the Investment details to the Income Tax Department. After the submission of IT returns, the Income Tax Department starts processing the return to check on its accuracy, which is called “Assessment”, under the Income Tax Law. As per section 144, this Assessment also includes re-assessment and best judgement assessment.
The various forms of assessment are as follows: 1. Self-Assessment 2. Summary Assessment 3. Regular Assessment 4. Best Judgement Assessment 5. Income Escaping Assessment
Why Income Tax Assessment conducted?
At the end of each financial year, all persons and entities required to file an income tax return by self-computing the amount of income earned and pay the tax due. Income tax assessment is the process of collecting and reviewing the information filed by an assessee in their income tax return.
What is Tax on Regular Assessment?
Tax on regular assessment is the tax that a taxpayer is required to pay against a notice of demand from the Income-tax department. The only difference is that in the field of "Type of payment", you will have to select "(400) Tax on Regular Assessment".
Notice/Instruction from ITD
Attend the meeting with Assessing Officer
Submission of documents with Assessing Office
Final order from Assessing officer
Payment of Tax as per Final order if any Fees