What is the procedure for assessment in income tax ?

Introduction : Tax assessment is a crucial process that individuals and businesses go through to determine their tax liability. In the case of income tax, it involves evaluating the income, deductions, and tax credits to arrive at the final tax amount payable. This blog aims to shed light on the procedure for assessment in income tax, providing an overview of the steps involved. Filing the Income Tax Return : The first step in the assessment procedure is the filing of an income tax return. Taxpayers are required to submit their tax returns, which provide details of their income from various […]

What is tax on self assessment tax?

Introduction: In the realm of income tax, self-assessment tax plays a significant role for individuals and businesses. It is a mechanism by which taxpayers calculate and pay any additional tax liability due to the government. In this blog post, we will delve into the concept of self-assessment tax, its purpose, and how it affects taxpayers. What is Self-Assessment Tax? Self-assessment tax is the tax paid by an individual or entity to cover any outstanding tax liability that is not already covered by tax deducted at source (TDS) or advance tax payments. It is calculated and paid by taxpayers themselves after […]

How to download assessment order from income tax website?

Introduction In today’s digital age, government services are increasingly moving online, and the Income Tax Department is no exception. One such crucial document that taxpayers may need to access is the assessment order. In this blog, we will guide you through the process of downloading assessment orders from the Income Tax website. Step 1: Accessing the Income Tax Department Website To begin, open your preferred web browser and visit the official website of the Income Tax Department. The website’s URL is https://www.incometaxindia.gov.in/. Ensure that you are accessing the official website to ensure the security and authenticity of the documents you […]

What is the difference between assessment year and previous year in income tax?

Introduction : Income tax is a significant aspect of personal and business finances, and understanding its terminology is crucial. Two important terms in income tax are “assessment year” and “previous year.” In this blog post, we will explain the difference between assessment year and previous year, and their significance in income tax calculations. Previous Year : The previous year refers to the financial year in which income is earned or received. It is the year that comes right before the assessment year. For example, if you are calculating income tax for the year 2023-2024, the previous year would be 2022-2023. […]

Explain best judgement assessment in income tax ?

Introduction Best judgement assessment is an important provision in the Indian Income Tax Act, 1961, which allows the Income Tax Department to make an assessment of a taxpayer’s income to the best of its judgement when the taxpayer fails to provide the required information or fails to file their tax return. In this blog, we will discuss the concept of best judgement assessment in income tax and its implications for taxpayers. When is Best Judgement Assessment Used? Best judgement assessment is used by the Income Tax Department in the following situations: Non-Filing of Tax Return: If a taxpayer fails to […]

How to download the self assessment income tax form ?

Introduction Filing income tax returns is a crucial responsibility of every taxpayer in India. The Income Tax Department has made it easy for taxpayers to file their returns by providing online facilities. One of the most important forms for filing income tax returns is the self-assessment form. In this blog, we will discuss how to download the self-assessment income tax form. Step 1: ¬†Income Tax Department’s official website. To download the self-assessment income tax form, visit the official website of the Income Tax Department – www.incometaxindia.gov.in. Once you are on the website, click on the ‘Forms’ option located in the […]

Basics of Income Tax for Beginners

¬†Introduction : A man or woman ticks off several milestones for the duration of his lifetime. Common ones encompass graduation, first job, wedding, family, etc. Apart from those, every other vast milestone that maximum folks generally tend to encounter is paying off profits tax for the first actual time. Here know about Assessment of individual in income tax As quickly because the profits tax go back submitting date steps closer, human beings by some means get a tad aware as many deem it to be a touch daunting task. And in case you are a first-time taxpayer, it can even […]