Question

What do you mean by 'taxpayer' and tax assessment year according to Income Tax Act 9161?​

Answer 1

Answer:

Article discusses about Meaning of assessment, Scope/Procedure/Time limit of  Assessment under section 143(1)/ section 143(3)/ section 144/ section 147.

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. The Income Tax Department examines the return of income for its correctness. The process of examining the return of income by the Income-Tax department is called as “Assessment”. Assessment also includes re-assessment and best judgment assessment under section 144.

Explanation: