Understanding Form 26AS on the Traces website

By | April 22nd, 2019|Categories: IT Assessment, TDS|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

During the whirlwind season of Income Tax Return Filings, you come across two income tax forms most frequently. These are Income Tax Form 16 and TRACES 26AS or Form 26AS. Where Income Tax Form 16 specifies details of your salary income and tax deducted and deposited by your employer.  TRACES 26AS is an annual consolidated tax summary that you need [...]

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Income Escaping Assessment

By | July 4th, 2017|Categories: IT Assessment|

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. Objective The objective of [...]

Types of Assessments under Income Tax

By | June 29th, 2017|Categories: Advanced Concepts, IT Assessment|

Introduction The process of examination of ITR by the Income Tax Department is called "Assessment". The assessment also includes re-assessment and best judgment assessment under section 147 and 144 respectively and the different type of income tax assessment. Types of Income Tax Assessment: Self Assessment –u/s 140A Summary assessment –u/s 143(1) Scrutiny assessment –u/s 143(3) Best [...]

Intimation u/s 143(1) for ITR Processed

By | June 28th, 2017|Categories: IT Assessment, IT Notices|

Intimation under section 143(1) is an intimation for ITR processed by the income tax department to the taxpayer about any arithmetical mistakes or changes to be done. A notice in the email from Income Tax Department may make anyone worry but if you’ve received an intimation under section 143(1), you don’t need to worry as it is [...]

Best Judgement Assessment

By | June 24th, 2017|Categories: IT Assessment|

The best judgement assessment means evaluation or estimation in the context income tax law of income of the assessee by the assessing officer. The assessing officer will not act dishonestly or capriciously, he will give his best judgement. Best judgement assessment types Compulsory best judgement assessment- It is the judgement in which the assessing offer make the [...]

Scrutiny assessment

By | June 23rd, 2017|Categories: IT Assessment|

Introduction 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.It is managed by the Committee through a single work plan. Specific work is [...]