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Assessment of Income


By Prajwita B Kesarkar
Roll No 2009

• Introduction
• Type of Assessment
• Reference
• Determination of Total Income
• Determination of Income Tax
Type of Assessment
1) Self Assessment u/s 140A
• Return- Voluntarily or in response to notice.
• Assessment is made by Assessee Himself
• He himself Calculates his Total Income, Income Tax, Income Tax.
• Assessee have to pay the interest thereon,
• He himself submit his income tax return along with
documentary Evidence.
• He shall be assessee in default.
• Time limit 31 July of every year
1) Direct mode of payment
2) Online Mode of Payment
2) Summary Assessment u/s 143(1)
• Conducted by Income Tax Department
• Assessee is not called to the income tax office.
• Assessee is not required to produce his book or other
• This assessment is fully basis on return which filed by
• Two Stages
i) Processed to correct arithmetical mistakes.
ii) % of the return selected for scrutiny.
• Suitable for Salary person.
• Two case intimation will be given to assessee.
• Time limited
3)Regular Assessment

• Suitable for the business Men.

• Base on Evidence143(3)
• This type of assessment is done by income tax
department , assessing office, income tax authority.
• Purpose is to do regular assessment.
• Regular Assessment divided into 2
Scrutiny divided
Best Judgment Assessment
i) Scrutiny Assessment u/s 143(3)

• Base on Evidence
• Calling for Book of Account
• Called for extra point
• Ask to furnish all statement
• Taking another parties witness
• Gathering information
• Right to ask assessee to get audited
• Gather all relevent information
• Get opportunity to assessee to improve
ii) Best Judgment Assessment u/s 144

• Opposite to Scrutiny Assessment.

• Happen when absence of evidence.
• Available evidence is insufficient
• Two type of Best Judgment assessment
a)Compulsory best judgments assessment
b)Discretionary best judgment assessment
4) Re-Assessment u/s 147
• It is also knows as Income Escaping Assessment
• Assessing officer can assess or re- assess
• Notice is send and include reasons
• Re- assessment up to 4 month
• If income < 100000 notice can come upto 4 year
• If income > 100000 notice can come beyound 4 year but upto
6 year
• Income related to outside India notice can came beyound 4
year but up to 16 year
• Time limit
if order came u/s 143 or 144 then 21 months
if order came u/s 147 then 9 month

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