Income Tax Notice Assistance by tax experts from taxmuneem.com

1. Assessment under Income Tax Introduction 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. Time limit: 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.

2. Procedure 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. Time Limit: 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.

3. 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. Conclusion

4. 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. Contact Us Address: B-8, 1st Floor, New Multan Nagar, Opposite Metro Pillar no. 230, Delhi-110056. Phone no: 8130386000 https://www.taxmuneem.com/income-tax-assessnemts-appeals/