Question

what do you mean by return of income? who is liable to submit the return? discuss the provision regarding various types of assessment.​

Answer 1

Hello !

•   Income tax return is a document you file with the Internal Revenue Service or the state tax board reporting your income, profits and losses of your business and other deductions as well as details about your tax refund or tax liability. A 1040 form is an example of a federal income tax return.

•  Anybody who is less than 60 years of age and has an annual income more than Rs2. 5 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut off is Rs5 lakh.

• Summary assessment –u/s 143(1) ... Scrutiny assessment –u/s 143(3) Best Judgment Assessment –u/s 144.

Hope It Helps u :)