The procedure of examination of ITR by the Income Tax Department is called "Assessment". The assessment likewise includes re-assessment and best judgment assessment under section 147 as well as 144 specifically and also the different types of income tax analysis.
Types of Income Tax Assessment
- Self Assessment- u/s 140A
- Recap assessment- u/s 143( 1 )
- Scrutiny assessment- u/s 143( 3 )
- Best Judgment Assessment-- u/s 144
- Protective analysis
- Re-assessment or income tax assessment - u/s 147
- Assessment in case of search-- u/s 153A
Self Assessment u/s 140A
This type of Income Tax Assessment is the one in which the assessee calculate the tax by himself, generally to accompany his computation with repayment of the quantity he regards as due.
Tax payable is needed to be provided under area 139 or section 142 or section 148 or section 153A, after taking TDS and also deducting Breakthrough tax paid.
There are no details dates to pay Self Assessment Tax. Payment of Self Assessment Tax and non-filing of returns need to be paid within 31st July annually.
Direct Mode of Payment
Self Assessment Tax can be paid by filling a tax settlement challan, ITNS 280. Challans are offered in the marked branches of banks related to the Income Tax Division.
Online Mode of Payment
Assessee can pay taxes online through various internet sites.
Summary Assessment u/s 143( 1 )
Assessment under section 143( 1) resembles initial checking of the return of income. Under this section,Income tax assessment sent out intimation u/s 143( 1) to the taxpayer. A Comparative Earnings Tax computation is sent out by the Department. In income tax assessment, overall income or loss sustained is computed.
Analysis u/s 143( 1) can be made within a period of one year from completion of fiscal year in which the return is submitted.
Security Assessment u/s 143( 3 )
Scrutiny assessment is the assessment of the return filed by the assessee by giving a possibility to the assessee to corroborate the declared earnings and also expenditures and also the insurance claims of deductions, losses, exemptions, etc. in the return with the assistance of evidence.It is managed by the Committee with a single job strategy. Details work is carried out with the committee and also by establishing informal panels (for thorough tasks) or functioning groups.
The assessing officer gets the opportunity to conduct a query and focuses on determining whether the earnings in the return is properly shown by the assessee or otherwise. The cases for deductions, exemptions etc. are legitimately and also factually.
If there is any omission, inconsistencies, inaccuracies, etc. Then the analyzing officer makes a very own analysis for the assessee by taking all facts in mind.
Kind of situations
Hands-on scrutiny instances as follows:
Not filing Income Tax Return.
State lesser earnings or more tax as compared to earlier year.
Inequality in TDS credit between insurance claim as well as 26AS.
Non-declaration of spared earnings.
Asserting for large refunds in return of Earnings.
Taking dual advantage as a result of the Work adjustment.
Compulsory Scrutiny situations as complies with:
Case 1: associating addition in the earlier analysis year of Rs. 10 lakhs/Rs. 10 crore unwanted on a considerable and repeating inquiry of law or fact which is confirmed in charm or is pending prior to an appellate authority might come under mandatory scrutiny.
Case 2: CASS (Computer Included Scrutiny Option) instances are likewise chosen under obligatory instances. All such cases are independently intimated by DGIT (system) to the jurisdictional worried.
Case 3: Where specific as well as verifiable information directing on tax evasion is offered to Government Division/ Authorities.
Case 4: Denial of the approval u/s 10 (23C) of the Act or taking out the approval already is passed by the authority, yet the assessee found asserting tax exception under the aforesaid arrangement of the Act.
All kinds of income tax Assessment need to be taken seriously. Additionally, submit the tax return properly as well as state all the evidence to prevent any type of income tax assessment before the assessing officer.
For any help on ITR Filing feel free to speak with the tax professionals at TaxMuneem. You can submit ITR yourself by means of our ITR software or obtain CA's assistance on filing income tax return. You can additionally use the alternative of Service Return, Bulk Return or Revised Return Filing.