Assessment or Re-assessment is a procedure adopted to determine the correctness of the income disclosed by the assessee and tax thereon. If the Assessing officer has reasons to believe that any income chargeable to tax has escaped assessment for any assessment year, he may subject to the provisions of Sec 148 to 153, assess or reassess such income and also any other income chargeable to tax which comes to his notice subsequently in the course of proceedings.
This document covers
Before making the assessment, re-assessment or re-computation under section 147 The Assessing officer shall issue a notice to the assessee requiring him to furnish a return within such period as may be specified in the notice.
Notice under Section 148 must be issued within the following time limit,
The following shall be deemed to be the cases where income chargeable to tax has escaped Assessment.
The Assessing office must have reasons to believe to apply section 147 to any particular case. Section 147 should not be applied not merely on the basis of any reasons to suspect. A mere increase in turnover because of use of digital means of payment or otherwise in particular year cannot be the sole reason to believe that income has escaped assessment in earlier years. Past assessments cannot be reopened on the ground that the current year’s turnover has increased.
GST Accounting Software Price: FREE for 1st year in India refer pricing for other countries such as India, Australia, Malaysia, Nepal, Pakistan, Singapore, Sri Lanka, & UK
Easiest GST ready Accounting software