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Our professionals can help you deal with the Income Tax Assessment process in an easy and hassle free way.
Income tax assessment is the process of scrutinizing and reviewing the income declared by assessee in their income tax returns.
At the end of each financial year, all individuals and entities are required to file an income tax return by self-computing the amount of income earned during the financial year and pay the tax due.
After the filing of an income tax return by the taxpayer, Income tax authorities select suspicious income tax returns and send notice to conduct manual income tax assessment. Income tax authorities scrutinize whether the income declared is correct or not.
Under the Income-tax Law, Income tax officials can conduct given below four principal assessments:
Meaning - Assessment under section 147 is carried out if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year.
Scope - Assessment under section 147 is carried out if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year.
Time Limit to complete assessment - As per Section 153, the time limit for assessing section 147 is: –
Time-limit for issuance of notice under section 148- Assessment under section 147 is carried out if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year.
Getting a notice from the income tax department can leave you in panic mode.
Assure the below before taking any further steps:-
If all particulars are correct in the Income Tax Assessment Notice then you must reply to the Income-tax department within time as specified in the income tax notice. Our professional can help you understand the nature of Income Tax Assessment notice received and assist you in representing before the income tax authorities as per income tax rules.
If you don’t answer the income tax Assessment notice within the specified time, there can be various implications.
Ignorance of Income tax notice and non-cooperation during income tax assessment not only attracts heavy penalties but may lead to the best judgment assessment by the tax officer against you. Some non-compliances of the income tax act contain prosecution punishment also.
Hence we suggest you file a timely reply to the income tax assessment notices and cooperate in income tax assessments.
We have income tax experts in our team who can assist you in the income tax assessment till the disposal of the income tax case.
Our professionals not only help you advise what steps to be taken in response to income tax assessment notices but can also represent income tax authorities on behalf of you.
Provide the required details and information as per income tax notice.
Choose a package and pay online with different payment modes available.
On placing an order, your application will be assigned to one of our dedicated professionals.
Our professional shall carefully examine the documents and furnish with the income tax authority.
Our professional shall make regular follow up with the Income tax department and comply with issued notices.
On obtaining furnishing all required details Income tax officials pass appropriate order of assessment.
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