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 […]

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 […]

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 […]

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 […]