Procedure for Assessment under the Income Tax Act, 1961 (Sections 139, 139A, 140, 140A, 142, 143, 144 & 147)”.
PROCEDURE FOR ASSESSMENT (Sections 139–147) The word “assessment” in income tax means the process of determining the correct income and the amount of tax payable by an assessee. It includes the collection of return, verification of documents, inquiry by tax authorities, and final determination of tax liability. The Income Tax Officer (ITO) or Assessing Officer (AO) performs the assessment process. ๐งพ Section 139 – Return of Income This section deals with the filing of Income Tax Return (ITR) by every person who has taxable income. Types of Returns under Section 139 Section 139(1) – Voluntary Return / Original Return: Every person whose income exceeds the basic exemption limit must file a return within the due date (generally 31st July for individuals). Example: If Ramesh earns ₹7,00,000 in FY 2024–25, he must file his ITR under Section 139(1). Section 139(4) – Belated Return: If the assessee misses the due date, he can still file a return before 31st December ...