Income Tax Assessment Case
What is Income Tax Assessment?
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.
Type of Assessment in Income Tax?
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".
Documents Required for Income Tax Assessment Case
Process Involved
Step 1
Notice/Instruction from ITD
Step 2
Documentation
Step 3
Attend the meeting with Assessing Officer
Step 4
Submission of documents with Assessing Office
Step 5
Final order from Assessing officer
Step 6
Payment of Tax as per Final order if any Fees
