Income Tax
We will provide income tax return preparation, Revised return, Responding to Department notices and solving other Income Tax related issues.
Income Tax Assessment
Every financial year end, people and entities are to file an income tax return by one’s own self calculating the earned income and pay the tax. In short, it is the estimation of an amount assessed while paying Income Tax by assessee himself or by income tax officer.
Timeline - 10 to 15 Working days
About
What is
meant by Income Tax Assessment
Every financial year end, people and entities are to file an income tax return by one’s own self calculating the earned income and pay the tax. In short, it is the estimation of an amount assessed while paying Income Tax by assessee himself or by income tax officer.
Income Tax Assessment
Types of Income Tax Assessment
Self assessment u/s 140A.
This type of Income Tax Assessment is the one in which the assessee calculate the tax by himself, usually to accompany his calculation with payment of the amount he regards as due.
Summary Assessment u/s 143(1)
Assessment under section 143(1) is like initial checking of the return of income. Under this section, Income tax department sent intimation u/s 143(1) to the taxpayer. A Comparative Income Tax computation is sent by the Department. In income tax assessment, total income or loss incurred is computed.
Scrutiny assessment u/s 143(3)
Scrutiny assessment is the assessment of the return filed by the assessee by giving an opportunity to the assessee to substantiate the declared income and expenses and the claims of deductions, losses, exemptions, etc. in the return with the help of evidence.
Best judgments assessment u/s 144.
The best judgment assessment means evaluation or estimation in the context income tax law of income of the assessee by the assessing officer. In the case of best judgment assessment, There are two types namely,
a. Compulsory Assessment
b. Discretionary/optional assessment
Protective Assessment.
This is a type of assessments that focus on those assessments which are made to ‘protect’ the interest of the revenue. It is open to the authorities to make a protective or an alternative assessment if it is not ascertainable who is really liable to pay the tax among a few possible persons.
Income escaping assessment u/s 147.
Income Escaping Assessment under section 147 is the assessment which is done by the Assessing Officer if there is a reason for him to believe that income chargeable to tax has escaped assessment for any assessment year. It gives power to him to re-assess or re-compute income, turnover etc. which has escaped assessment.
Assessment in case of search u/s 153A
Under this type of Income Tax Assessment, the Assessing Officer will:
1. Issue notice to such person requires furnishing within such period, as specified in the notice. Clause (b) referred to the return of income of each assessment year falling within six assessment years and is verified in prescribed form. Setting forth such other particulars as may be prescribed and the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 139.
2. Assessor re-assess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted or requisition is made.
Income Tax Assessment
Benefits of Income Tax Assessment
01.
Hassle free loan processing
Filing the ITR will help individuals when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns
02.
Refund of TDS
If you have a refund due from the Income Tax Departnment, you will have to file an Income Tax Return to claim the refund.
03.
Visa Processing
Most embassies & amp: consulates require you to finish copies of your tax returns for the past couple of years at the time of the visa application
04.
Carry forward losses
If you file IT return, without due date, you will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.
05.
Avoiding additional interest rates
Maintaining a steady record of filing tax returns will help to avail home loans in future.
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What are the Documents required for Income tax filing: ?
Bank statements
Proof of investments
T.D.S Certificates in Form 16 or 16A as applicable
Documents on purchase and sale of investments / assets
Challan of tax paid such as advance tax or self-assessment tax
If PAN is applied but not received, a copy of filed PAN application and its acknowledgement
Statement of receipts and payments when no regular books are maintained
Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions
Process
Collect required documents such as TDS certificates (Form16/16A), capital gains statements
Download and check Form 26AS
Rectify the errors in Form 26AS, if any
Compute total income for the financial year
income Tax Assessment
FAQ
You can pay the tax directly on the Income Tax Department website using your Netbanking account with challan 280.
Yes, deducting TDS and filing a tax return are two different things. You file a tax return to show that you have paid all the taxes you needed to pay. The income tax return is also a useful document when it comes to applying for a loan or visa.
Yes, in any given financial year, you can file for the last two years.
Filing the ITR will help individuals when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns
Yes, in any given financial year, you can file for the last two years.
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