Income Tax Assessment

Income Tax Assessment price starting at INR 3999/- only.

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About ITA Types Process Section 143(1) Section 143(3)

What is Income Tax Assessment ?

Examining and evaluating the income that an assessee has reported on their income tax returns is the process of conducting an income tax assessment. All people and companies are required to self-compute their income received during the financial year, file an income tax return, and pay any taxes owed by the end of the fiscal year. Income tax authorities choose suspect income tax returns once the taxpayer files one and notify them to do manual income tax assessment. The accuracy of the income reported is examined by tax authorities.

Types of Income Tax Assessment 

According to the Income Tax Code, the following four primary evaluations are possible:

Assessment under section 143 (1)

processing based on an ITR system.

Assessment under section 143 (3)

Scrutiny evaluation.

Assessment under section 144

Best judgment assessment.  

Assessment under section 147

Income escaping assessment . 

Process

Process of Income Tax Assessment 

  • Provide the information and specifics requested by the income tax notice.
  • Pick a plan and pay online using one of the many available payment methods.
  • Your application will be allocated to one of our devoted pros once you place an order.
  • Our expert will thoroughly review the documents and submit them to the income tax office.
  • Our professional shall follow up with the Income Tax Department on a regular basis and abide by all notices issued.
  • Upon receiving and providing all necessary information Tax officials make the proper order of assessment.
Assessment Under Section 143(1)

Assessment Under Section 143(1) - An Auto-Processing Of ITR

Meaning

Without referring to the assessors by name, this is a preliminary assessment that is referred to as a summary assessment (i.e., the taxpayer). 

Scope

A return of income's assessment pursuant to section 143(1) is an automatic process. The following adjustments (if any) are made at this point to determine the total revenue or loss:- Any arithmetical error or false claim is evident from any information in the return Loss that was allegedly allowed under Section 139 (1) Disallowance of costs reported in the audit report but not considered Deductions claimed under Sections 10AA, 80IA, and 80-IE are disallowed under Section 139. (1) Addition of revenue from Form 26AS, Form 16A, or Form 16 that has not been included in determining the return's total income.

Time-limit to complete assessment

Within a year of the end of the financial year in which the return of income is filed, processing under section 143(1) may be filed.

Assessment Under Section 143(3)

Assessment Under Section 143(3) - Manual Assessment Of ITR 

Meaning
  • The term "scrutiny assessment" refers to this thorough evaluation. The return of income will now be thoroughly examined to ensure that all claims, deductions, and other items submitted by the taxpayer in the return of income are true and accurate. 
Scope
  • The goal of the scrutiny assessment is to confirm that the taxpayer has not overstated their income, calculated an excessive loss, or in any other way underpaid their taxes. The Assessing Officer carefully examines the return of income to verify the aforementioned return of income and will consult himself regarding the numerous claims, deductions, etc., made by the taxpayer in the return of income. 
Time-limit
  • The deadline for assessing section 143(3) is set forth in Section 153 as follows: - Within 21 months following the end of the assessment year in which the income was initially assessable. For the assessment year 2021-22, 18 months following the end of the assessment year in which the income was received for the first time. 12 months after the assessment year in which the revenue was initially assessable.

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