Income
year:
The year of income for which tax is
imposed.
Assessment
year.
Assessment
and collection
Assessment
cycle:
1.
Preparation for return.
2. Payment
of tax assessment.
3.
Submission of return.
4. Assessment
of tax.
5. Issue of
demand bodies.
6. Tax
payment as far demand notice.
7.
Imposition of penalty.
8. Recovery
of tax including penalty.
9. Appeal
and revision.
10. Tax
refund.
Types of assessment:
A Regular:
1. On the
basis of return.
2. On the
basis of evidence.
3. Reports
of CA.
4. Best judgement.
5.
Directions of NBR.
B. Universal
self assessment.
C.
Provisional assessment.
D. Emergency
assessment.
1.
Discontinued business.
2. Persons
leaving the country for good.
3. Income of
death person.
4. Income of
nonresidents.
E. Spot assessment.
Deduction of
tax at source?
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