What is the procedure adopted for making the assessment under sec 143(3) of Income Tax Act i.e. scrutiny assessment?

What is the procedure adopted for making the assessment under sec 143(3) of Income Tax Act i.e. scrutiny assessment?

In case of Assessment under section 143(3) of Income tax act, a scrutiny is carried out to confirm the correctness and genuineness of various claims, deductions, etc., made by the taxpayer in the return of income. The other procedures in this regard are as follows below:-

• If the Assessing Officer (Income Tax) or prescribed ​income tax authority considers it necessary or expedient to ensure that the Income tax payer has not understated the income or has not computed excessive loss or has not under paid the tax in any manner, then he will serve on the taxpayer a notice requiring him to attend his office or to produce or cause to be produced any related evidence on which the taxpayer may rely on in support of the Income Tax return.
• The provisions of notice are governed by section 143(2) of Income tax act. In other words, to carry out assessment under section 143(3) of this act, the Assessing Officer should serve a notice under section 143(2) of Income tax act ​.
• Notice under section 143(2) of Income tax act ​ shall be served on the taxpayer within a period of six months from the end of the financial year in which the return is filed.
• The taxpayer or his representative (as the case may be) will appear before the Assessing Officer (Income tax ) and will place his arguments, supporting Document, etc., on various matters/issues as required by the assessing Officer (Income tax).
• After hearing and verifying such Documents, evidence, and taking into account such particulars as the taxpayer may produce and such other evidence as the Income Tax Assessing Officer may require on specified points and after taking into account all relevant material which he has gathered the Income Tax Assessing Officer shall, by an order in writing, make an assessment of the total income or loss of the Income tax payer and determine the sum payable by him or IT refund of any amount due to him on the basis of such assessment under this Act.​

What is the time limit for making the assessment under section 143(3)of income tax act i.e. scrutiny assessment? || Section 143 (3) Assessment mean

Posted By: Advocate Birbal Sharmaon: October 20, 2019In: Article, F&Q, Income Tax, Latest Tax News & Updates, Tax NewsTags: 80c, Income tax return, legal tax guru, scrutiny assessment, Section 143 (3) Assessment mean, section 143(3), section 143(3) of income tax act, section 143(3)of income tax, section 153, time limit for 143(3), time limit for completion of assessment for ay 2017 18, time limit for completion of assessment for ay 2018 19, time limit for completion of assessment for ay 2019-20, time limit for completion of assessment us 143(3), time limit for completion of assessment us 1433time limit for completion of assessment us 14331 Comment

What is the time limit for making the assessment under section 143(3)of income tax act i.e. scrutiny assessment?  Section 143 (3) Assessment mean:- ​​This is a detailed assessment and is ref… Read more Share0TweetShare0

What is assessment under of section 143(1) of Income tax Act 1961? ||Scope of assessment under section 143(1)

Posted By: (Team) LTG Publication Private Limitedon: October 01, 2019In: F&Q, Income Tax, Latest Tax News & Updates, Tax Article, UncategorizedTags: arithmetical error, disallowance of deduction, disallowance of expenditure, disallowance of loss, due date of income tax, income tax, Income tax act, income tax Act 1961, Income Tax assessment, income tax law, Income tax return, legal tax guru, section 139, section 143 ( 1), section 143 of the income tax, section 143(1), section 1431a of income tax, section 80IE, sections 10AA, Tax AuditNo Comments

Scope of assessment under section 143(1) Income Tax Assessment under section 143(1) of IT Act is like preliminary checking of the  Income Tax Return. At this stage no detailed scrutiny… Read more