1090 (Income tax) Arey bhaiya,yah filing aur assessment main difference kya hota hai ,baap? Case Methodology - Harvard Case Model Project - Make Knowledge free By - Amlan Dutta Video Link -https://youtube/watch?v=mh1MLb6ewv8 Filing is nothing but a submission by the taxpayer for the income declaration and the taxes paid by him .Assessment is that stage where the assessing officer checks the submission (Income tax return ) for its veracity . The taxpayer may be individuals filing ITR 1/2/3/4/4S , or conmpanies filing ITR 6 or trusts filing ITR 7 or AOP/BOI/firms filing ITR 5 but finally all the submission is nothing but the same exercise which is nothing but submission of total income applicable to them and the taxes paid by them towards meeting the tax liability on such income and available to them in their tax credit statement (26 AS) We see in this short tutorial how i in my submission i.e filing of return declared my total income to be from salary , House property and capital gains and paid taxes thereon but later during assessment , the assessing officer asked me to explain why i have not offered on credits reflecting in my bank statement as interest payment and it was then i realised that i had forgotten to declare my FD interest income ! So his assessment exercise helped him add back FD interest to my total income for that previous year 2013 14 and add to the revenues kitty taxes due on it which later he recovers from em when sends a demand notice and i pay it up using challan 280 under head regular assessment ! In short a student may write a paper , but until teacher checks and says everything is okay the game is not over Likewise i may declare my submission of return of income , but until assessment is done and regular assessment order is passed under section 143(3) , my file opened against my PAN AIJPD6751A for that year is not complete as far as the revenue is concerned ! Cheers , Amlan Dutta
Posted on: Thu, 18 Dec 2014 16:02:22 +0000
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