Question

Difference between summary and scrutiny assessment in income tax

Answer 1

Answer:

Every assessee, who earns income beyond the basic exemption limit in a Financial Year (FY), must file a statement containing details of his income, deductions, and other related information. This is called the Income Tax Return (ITR). Once you as a taxpayer file the income returns, the Income Tax Department will process it. There are occasions where, based on set parameters by the Central Board of Direct Taxes (CBDT), the return of an assessee gets picked for an assessment.

The various forms of assessment are as follows:

Self Assessment

Summary Assessment

Regular Assessment

Best Judgement Assessment

Income Escaping Assessment