Friday, 27 December 2019

Unit 13: Registration of Dealers


Unit 13: Registration of Dealers

Every person having income more than 1,00,000/ 1,35,000/ 1,85,000 during the previous year must file his return of income and pay tax on the income earned.

This voluntary discloser of income and payment of tax is called self-assessment and it is covered u/s 140A.

The last date of filing of income tax return is 31st July or 31st October.

The return filed after these dates is called belated return and if the return is belated then the losses declared therein cannot be carried forward.

A return of income can be revised in order to correct any information disclosed therein earlier.

On filing of income tax return the AO may either briefly examine the return of income on the face of it or may undertake deep examination.

If the return is not filed or assessee does not cooperate with the AO the best judgment assessment may also be invoked by the AO.

Assessment: Assessment means appraisal, evaluation, estimation, measurement, judgment etc.

In the context income tax law it means then evaluation, estimation, or measurement of income.

Assessing Officer: AO are those officers in the income tax office who are given the power to assess the income of the assessee.

Best Judgment Assessment: Best Judgment Assessment, as the name indicates Best Judgment Assessment means the computation of income and tax is undertaken by the AO himself, on the basis of the best of his judgment.

Procedure: Procedure means a way, modus operandi, process, a method or a course of action for completing a particular task.

Scrutiny: Scrutiny means detailed examination, analysis or inquiry into the income of a person in order to detect any income concealed by the assessee.

Indirect Tax Laws Notes Regular Return: Regular return is the income tax return filed by assessee on or before the due date it is covered u/s 139(1) of the income tax Act.

Self Assessment: As we know after the end of the financial year every person who is required to file income tax return, should file his return of income.

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