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Income Of NRI s Is Generally Accepted Without Scrutiny

[Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds]

On the receipt of an income tax return, the Assessing Officer sends an intimation, if any modification is made to the income returned. Under the new procedure the income of an individual taxpayer in about 97% of cases is normally to be accepted without scrutiny and without calling for examination of the books of accounts, etc. Hence, a nonresident Indian must exercise utmost care in filing the return of income so that it can be accepted by the Assessing Officer under Section 143(1). Thus in about 97% of the cases the acknowledgment slip serves the purpose of an assessment order under Section 143(1). In very selected cases there is a procedure of detailed scrutiny . The Finance Act, 1999 had from 1.6.1999 taken away the power of the Assessing Officer to make adjustment while making a provisional assessment under Section 143(1). The Finance Act, 2001 has taken away the power of A.O. to withhold refund under Section 241.

Procedure for the Filing of Income Tax and Wealth Tax Returns, Assessment, and Refunds
1. Income Tax Return To Be Voluntarily Filed And Tax Paid On Self-Assessment If An NRI has Taxable Income In India
2. The Assessing Officer Can Also Require The Non-Resident To File Income Tax Return
3. NRls Can Apply For Refund Of Income Tax By Filing Income Tax Return
4. Income Of Nris Is Generally Accepted Without Scrutiny
5. Regular Assessment After Personal Hearing, And Examination Of Papers, Etc. By The Assessing Officer
6. Ex Parte Assessment By The Assessing Officer
7. Re-Assessment Or Additional Assessment In Case Of Income Escaping Assessment
8. Completion Of Assessment And Payment Of Tax
9.Provision Regarding Penal Interest And Penalty For Delay In Filing Income Tax Return Or Payment Of Tax
10. Deduction Of Tax At Source And Payment Of Advance Tax By NRIs
11. Remedies By Way Of Appeal, Etc. Available To A Non-Resident Indian
12. Other Provisions For Rectification And Settlement Of Cases
13. Who can be an Agent of a Non-Resident Indian?
14. Procedure for getting a Permanent A/c Number (PAN)
15. Double Taxation Relief
16. Assessment Procedure for Wealth Tax

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