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 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.
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.
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.
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.
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.
What Is Included In Our Package?
Assessment Income Tax Return Services
Income tax return filing
Business income return filing
GST return filing
Benefits of Finacbooks Assessment Services
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How Finacbooks Can Helps?
Finacbooks is a leading Indian firm with more than 10 years of experience in advising clients on Indian accounting standards (IND-AS), international financial reporting standards (IND-IFRS) and other accounting standards. You can call our accounting experts at 8800221252 or e-mail us at firstname.lastname@example.org
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