Block asswssment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2012
what is block assessment?
when it is done?
what is its importance?
when it is done?
what is its importance?
07 January 2012
Block Assessment is carried on in the cases where search has been conducted U/s 132 or where Books of account and other documents have been requisitioned U/s 132A in cases where chances of concealed income are observed by the Higher IT authorities.
.
The assessee has to furnish returns for the block period which covers preceding 6 years.
.
After filing the returns by the assessee block assessment proceeding starts.
.
Department can make liable the assessee to pay taxes on his concealed income is the main objective to conduct the assessment. More over, the assessee-class also get aware and becomes tax conscious.
.
.
The assessee has to furnish returns for the block period which covers preceding 6 years.
.
After filing the returns by the assessee block assessment proceeding starts.
.
Department can make liable the assessee to pay taxes on his concealed income is the main objective to conduct the assessment. More over, the assessee-class also get aware and becomes tax conscious.
.
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