Assessment
This query is : Resolved
02 August 2016
Whether regular assessment includes re-assessment ?
14 July 2024
Yes, the term "regular assessment" does include reassessment. Here's how it works:
**Regular Assessment:**
- Regular assessment refers to the normal process of assessing or evaluating the income tax liability of an assessee for a particular assessment year. This process involves the assessing officer (AO) scrutinizing the taxpayer's return of income, books of accounts, and any other relevant documents to determine the total income or loss, deductions claimed, and the tax liability.
**Reassessment:**
- Reassessment, on the other hand, occurs when the Assessing Officer (AO) believes that income has escaped assessment in the original assessment proceedings. This could happen due to various reasons, such as failure to disclose certain income, incorrect computation of income, or other circumstances where the AO has reason to believe that income chargeable to tax has escaped assessment.
**Inclusion of Reassessment:**
- When we refer to "regular assessment," it encompasses both the initial assessment conducted based on the taxpayer's return of income (original assessment) and any subsequent reassessment undertaken by the AO if income is found to have escaped assessment (reassessment).
Therefore, within the context of income tax assessments under the Income Tax Act, "regular assessment" covers the entire process of assessing income for a particular assessment year, which includes both the initial assessment and any subsequent reassessment that may be conducted if required.
**Regular Assessment:**
- Regular assessment refers to the normal process of assessing or evaluating the income tax liability of an assessee for a particular assessment year. This process involves the assessing officer (AO) scrutinizing the taxpayer's return of income, books of accounts, and any other relevant documents to determine the total income or loss, deductions claimed, and the tax liability.
**Reassessment:**
- Reassessment, on the other hand, occurs when the Assessing Officer (AO) believes that income has escaped assessment in the original assessment proceedings. This could happen due to various reasons, such as failure to disclose certain income, incorrect computation of income, or other circumstances where the AO has reason to believe that income chargeable to tax has escaped assessment.
**Inclusion of Reassessment:**
- When we refer to "regular assessment," it encompasses both the initial assessment conducted based on the taxpayer's return of income (original assessment) and any subsequent reassessment undertaken by the AO if income is found to have escaped assessment (reassessment).
Therefore, within the context of income tax assessments under the Income Tax Act, "regular assessment" covers the entire process of assessing income for a particular assessment year, which includes both the initial assessment and any subsequent reassessment that may be conducted if required.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Rental income of jointly held property
- FEMA regulation Act. for inward remitance
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
