ASSESSMENT PROCEDURE AND PAYMENT OF TAXES

Syed warasat ali

what is assessment?

It mean scrutiny of the information provided by the tax payer in his return The procedure of assessment has been made quite simple by the finance ordinance 2001

CYCLE OF ASSESSMENT
The following are the major stages involved in the cycle of assessment. A person furnishes the return of income Payment of tax by the taxpayer Refund of tax Recovery of tax from the defaulter taxpayer

Assessment procedure
Return of income as assessment: The return furnish by tax payer is itself treated as an assessment order by the commissioner If the return is incomplete the notice is issued to the tax payer by the order of commissioner (period ranging upto 180 days)

Assessment if the return is not furnished: If a person fails to furnish the return then the commissioner has the authority to make the assessment. Amendment in assessment: Amendment will be made in case when commissioner feels whether there is an incorrect calculation of the original assessment order or if he has definite information for such event.

provisional assessment: In case the tax payer fails to file the return then the commissioner will pass a provisional assessment order specifying the income taxable and the tax due thereon Assessment after decision of an appeal: if the assessment order is challenged by the tax payer, by the order of the appellate tribunal , high court or supreme court the commissioner will be asked to make a new assessment

Assessment of disputed property: in case of disputed property assessment order in respect of such income should be assed with in one year of courts decision

Payment of taxes
Payment of taxes can be made through: Deduction of taxes at source Salary Dividend Profit on debt Payment for supply of goods and services Tax deducted from exports Payment of rent of house property