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 […]