BLOG on Income Tax Management for - AY 2022-23 & 2023-24

RETURN of INCOMES and PROCEDURE of ASSESSMENT- Direct Taxes

1- Due Date of Furnishing Return Of Income [ Explanation 2 to Section 139(1)]:

The return of income must be filed in a prescribed form/specified computer readable media and verified in the prescribed manner, on or before the due date mentioned in Explanation 2 to section 139(1), which is as under:

2- Consequences of Not Filing the Return of Income within the Due Date or for Not Furnishing the Return of Income

Interest for default in furnishing return of income; Fee for delayed filing of return of income;

3. Form and Manner of Furnishing Return of Income [Rule 12]

As per rule 12(1), The return of income required to be furnished under section 139(1) or 139(3) or 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) or section 142(1)(i) or section 148(1) or section 153A relating to the assessment year commencing on the 1St day of April, 2019 shall be in the relevant Forms, —

4. Types of Person, Condition and Manner of Furnishing Return of Income [Rule 12(3)]

As per Rule 12(3), the Return of Income shall be furnished by a person mentioned in column (ii) of the table below to whom the conditions specified in column number (iii) apply, in the manner specified in column (iii) thereof ;

5. Submission of Return of Loss [Section 139(3) read with Section 80]

If a person has sustained a loss in any previous year under the head "Profits and gains of business or profession" or under the head "Capital Gains" and claims that .....

6. Return of Income by whom to be Verified [Section 140]

The return under section 139 shall be verified: (a) in the case of an individual —; (b) in the case of a Hindu Undivided Family (HUF) —; (c) in the case of a Company —; (d) in the case of a Firm —; (e) in the case of a Limited Liability Partnership (LLP) —; (f) in the case of a Local Authority ' —;

7. Self-Assessment [Section 140A] before Submitting Return of Income

Every person, before submitting a return of income under: (i) Section 139 or (ii) Section 142(1) or (iii) Section 148 or (iv) Section 153A,

8. Enquiry by the Assessing Officer before Assessment [Section 142]

Service of a Notice [Section 142(1)] of Income Tax Act 1961; Make Inquiry by Assessing Officer [Section 142(2)]; Audit of Accounts [Sections 142(2A) to (2D)]

9. Estimation of Asset, Property or Investment by Valuation Officer in certain Cases [Section 142A]

Assessing Officer can refer to the Valuation Officer, the estimation of valuation of any investment [Section 142A(1)]

10. Processing of Return of Income [Section 143(1)]

Where a return has been made under: (i) Section 139 or (ii) In response to a notice under section 142(1), such return shall be processed in the following manner, namely—

11. Regular / Scrutiny Assessment [Section 143(3)] — On the basis of Return of Income and after Hearing Additional Evidence

Compulsory Service of Notice to the Assessee [Section 143(2)]; Authentication of Notices and Other Documents [Section 282A]; Notice Deemed to be Valid in certain circumstances [Section 292BB]:; Consequences of Failure to Comply with Notice under Section 143(2); Assessment after Evidence [Section 143(3)].

12. Best Judgment Assessment [Section 144]

The Assessing Officer, after taking into account all relevant material which he has gathered, is under an obligation to make an assessment of the total income or loss to the best of his judgment and determine the tax payable by the assessee in the following cases:

13. Income Escaping Assessment [Section 147]

If the Assessing Officer has reason to believe that any income, chargeable to tax, has escaped assessment for any assessment year, he may subject to provisions of sections 148 to 153:

14. Time Limit for Completion of all Assessments and Re-Assessment [Section 153]

Table showing Time Limit for Completion of all Assessments and Re-Assessment [Section 153]

15. Rectification of Mistakes [Section 154]

Rectification of Mistakes [Section 154] are discussed in details ...

RETURN of INCOMES and PROCEDURE of ASSESSMENT- Direct Taxes

1- Due Date of Furnishing Return Of Income [ Explanation 2 to Section 139(1)]:

2- Consequences of Not Filing the Return of Income within the Due Date or for Not Furnishing the Return of Income

3. Form and Manner of Furnishing Return of Income [Rule 12]

4. Types of Person, Condition and Manner of Furnishing Return of Income [Rule 12(3)]

5. Submission of Return of Loss [Section 139(3) read with Section 80]

6. Return of Income by whom to be Verified [Section 140]

7. Self-Assessment [Section 140A] before Submitting Return of Income

8. Enquiry by the Assessing Officer before Assessment [Section 142]

9. Estimation of Asset, Property or Investment by Valuation Officer in certain Cases [Section 142A]

10. Processing of Return of Income [Section 143(1)]

11. Regular / Scrutiny Assessment [Section 143(3)] — On the basis of Return of Income and after Hearing Additional Evidence

12. Best Judgment Assessment [Section 144]

13. Income Escaping Assessment [Section 147]

14. Time Limit for Completion of all Assessments and Re-Assessment [Section 153]

15. Rectification of Mistakes [Section 154]

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