Home / Assessment of Income Tax Return

Updated on 10 Apr 2021    9.00 AM IST | 4 min read

Income Tax Return Overview

Every tax payer has to disclose its income details to the income tax department. These details are furnished when you file your income return. The process of collection & reviewing the tax return information of an individual by the tax department is known as Income tax assessment. When you file your tax return, income tax authority processes the return of income & examines it for its correctness.


Various Forms of Assessment Income Tax Return in India

There are various forms of assessment and they are as follows -

Self-assessment

Self-assessment is the process of filing tax return to the income tax department by accumulating the income details and adjusting the tax amount by availing reliefs such as exemptions & deductions. Self-assessment tax must be paid before filing of income tax return.

Summary Assessment

In summary assessment, the information submitted by an individual is cross-checked against the information tax department has access to and the correctness of the return is verified by the tax department. The return gets processed online & small adjustments such as arithmetical errors, disallowances, incorrect claims are done automatically.

Regular assessment

The assessment of income tax return is conducted by accessing officer (AO) not below the rank of an income tax officer authorized by the income tax department. The purpose of regular assessment is to ensure that the individual has neither understated the income or overstated any expense or loss or underpaid any tax. In this case, the intimation has been sent by the tax department to the tax payer containing information whether he or she has to pay more tax, pay interest or refund is payable by the tax department.

Best Judgement assessment

In this case, the assessing officer authorized by the income tax department arrives at a best and honest decision without being partial to anyone as per income tax law.

Income escaping assessment

This assessment is carried out when assessing officer catches the tax payer that he or she has evaded tax and not paid the full amount to the income tax department.


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Due Dates

  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for Mar 2021

    Apr 10th ,2021
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for Mar 2021

    Apr 10th ,2021
  • GSTR 1 for Mar 2021 (turnover more than INR. 1.50 Crore)

    Apr 11th ,2021
  • GSTR 6 (Details of ITC received and distributed by ISD) Monthly Filing Due Date for Mar 2021

    Apr 13th ,2021
  • Last date of depositing the fifth instalment of advance tax (if liable to pay any) for FY 2020-21 for individual and corporate taxpayers

    Apr 15th ,2021
  • GSTR 3B for Mar 2021 (Annual Turnover of more than Rs 5 Cr in Previous FY)

    Apr 20th ,2021