Critical Analysis of Assessment Procedure Income Tax and GST in India

Abstract

ABSTRACT newlineIncome tax department and GST department come under the ministry of finance. The newlinemain function of the tax department is to collection of the tax in form of income tax newlinefrom the person who is responsible for the payment of income tax means upon whose newlinesuch income tax act is applicable and GST from end user. newlineASSESSEMENT OF INCOME TAX newlineEvery assessed, who earns income beyond the basic exemption limit in a Financial newlineYear (FY), must file a statement containing details of his income, deductions, and newlineother related information. This is called the Income Tax Return (ITR). Once you as a newlinetaxpayer file the income returns, the Income Tax Department will process it. There newlineare occasions where, based on set parameters by the Central Board of Direct Taxes newline(CBDT), the return of an assessed gets picked for an assessment. The various forms of newlineassessment are as follows self-assessment, summary assessment, regular assessment; newlinebest judgment assessment income escaping assessment procedure means carryout the newlineassessment by the income tax officer or concerned jurisdiction officer of the newlinedepartment. In which the officer verify the income or loss of the assesse that has been newlinedeclared by the assesse in his/her income tax return. Assesse means the person who newlineare registered under the income tax act or person come under the definition of the newlineincome tax act and having permanent account number. The purpose of the assessment newlineis to assure that proper tax has been collected by the department from the assesse or newlinewe can assure that no tax has been escaped from the collection newline