Economy, asked by Steven8707, 10 months ago

Detail note on assessment of tax under taxation

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Answered by fazalwarsi855
1

Every Person, who is earning, which is chargeable to tax, has to furnish his return of income to the Income Tax Department. After filling of return of income, the next step is the processing of income tax return by the Income Tax Department. The income tax department examines the return of income and specifies any correction, if any. The process of examination of the return of the Income Tax Department is called "Assessment". Assessment includes re-assessment and best judgment assessment under section 147 and 144 respectively. We will discuss each type of assessment in detail in this article.

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Answered by Anonymous
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Every person, who is earning, which is chargeable to tax, has to furnish his return of income to the income tax department after filling of return of income, the next step is the processing of income tax return by the Income Tax Department. The income tax department examines the return of income and specifies any correction, if any. The process of examination of the return of the Income Tax Department is called "Assessment". Assessment includes re - assessment and best judgment assessment under section 147 and 144 respectively. We will discuss each type of assessment in detail in this article.

Types of Assessment Under Income Tax Act, 1961, there are four types of assessment as mentioned below:

• Self assessment - u / s 140A • Summary assessment - u / s 143 • Scrutiny assessment - u / s 143 • Best Judgment Assessment - u / s 144

• Protective assessment

• Re - assessment or income escaping nooncoment 1/147 .

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