Assessing Officer or AO is an individual officer appointed by Income Tax Department, who has jurisdiction to make an assessment of an assessee or tax payer.
Assessment order 143(3) is issued by the Assessing Officer after the Scrutiny Assessment u/s143(2) is complete and all the evidences required have been submitted. Based on the evidences, the AO will issue an order for tax payable or refundable, to ...
Yes. Agreement to purchase coupled with substantial payments is enough for claim of exemption. The date of possession is more important than the date of sale deed or purchase deed. However, if possession is beyond your control, you can claim so ...
You received a Notice u/s 143 (2) to inform you that a Scrutiny Assessment will be carried out by an assigned Assessing officer (AO) to ascertain whether your claims for deductions, exemptions, etc. are factually and legally correct. The AO has to ...
There are severe consequences of not complying with the demands of Notice 142(1). You may be charged a penalty of ₹10,000 u/s271(1)(b) The Assessing officer, on the basis of all the relevant information and proofs gathered by him, will give a “Best ...