Question

Difference between summary and scrutiny assessment in income tax

Answer 1

The process of examination of ITR by the Income Tax Department is called “Assessment”. The assessment also includes re-assessment and best judgment assessment under section 147 and 144 respectively and the different type of income tax assessment.

This type of Income Tax Assessment is the one in which the assessee calculate the tax by himself, usually to accompany his calculation with payment of the amount he regards as due.

Tax payable is required to be furnished under section 139 or section 142 or section 148 or section 153A, after taking TDS and deducting Advance tax paid.