Under the Income Tax Act of 1961, the terms ‘income’ and ‘tax’ are defined separately. The terms ‘income’ and ‘tax’ are defined in Sections 2(24) and 2(43) of the Income Tax Act, 1961, respectively.
According to these definitions, income tax refers to the sum an assessee has to pay to the government. It is mandatory for taxpayers to submit their income details to the income tax department. For this, the relevant financial year's income tax returns must be filed with the income tax department.
Once you file the returns, the IT department will process them by checking their accuracy. Assessment refers to the process by which the department evaluates the filed returns.
The order issued to an assessee by one of the assessing officers of the income tax department is known as an income tax assessment order. It is the foundation of all proceedings under the IT Act. The amount that the assessee is eligible to receive back or is required to pay for any previous fiscal year is accurately determined in this order. Hence, the assessing officer must be given all of the information to make a well-judged assessment order.
According to the Income Tax Law, there are four main :
The timeline for issuing the income tax assessment order is mentioned below:
Following the processing of an ITR, a notification is sent to the taxpayer on their registered email address. If you wish to receive the intimation order again, follow the steps mentioned below:
Step 1: Visit the income tax e-filing portal.
Step 2: Log in to your account.
Step 3: Go to the 'My Account' section and choose the ‘Service Request’ option.
Step 4: Select the request type as 'New Request.’
Step 5: Click ‘Submit’ after choosing ‘Intimation u/s 143(1)154/16(1)/35’ as the request category.
Step 6: Enter the Return Type, Assessment Year, Category (Intimation u/s 143(1)), and Sub Category (if applicable).
Step 7: Click on the ‘Submit’ option.
Step 8: To check the submission status of the form:
A document issued by the income tax department describing the amount of tax that a person or organisation is required to pay is known as an income tax assessment order. It is given out following the conclusion of the income tax return assessment for the person or organisation.
The extensive nature of the tax return filed by the person or organisation, as well as the workload of the income tax department, may affect how long it takes to obtain an income tax assessment order. Usually, it is issued a year after the conclusion of the fiscal year in which the return was filed.
If you do not agree with the amount of tax specified in the income tax assessment order, you may file an appeal. For this, you need to submit an appeal to the Income Tax Appellate Tribunal.
The income tax assessment order may be issued between nine months and ten years after the return is filed. This deadline is determined by the governing section under which the assessment order had been granted.
An income tax assessment order may be issued to any assessee who filed income tax returns for the previous fiscal year and whose returns the assessing officer deems unsatisfactory.
Yes, an assessing officer has the authority to use the best judgement process for assessing your return.
If an individual or organisation files an income tax return, they must be issued an income tax assessment order
No, the assessing officer may give notice of income escaping assessment within four years of the pertinent assessment year.
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