Tag Archives: Assessment

Assessment and Audit under GST

By | September 5, 2016

ASSESSMENT AND AUDIT UNDER GST BUY Meaning of assessment “Assessment” means determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment – clause 2(12) of GST Model Law, 2016. Assessment means determining the tax liability. ‘Assess’ in a taxing statute means the computation of the income… Read More »

Optimum Use of Technology for Expeditious Disposal of Assessment and Refunds

By | May 6, 2016

Optimum Use of Technology for Expeditious Disposal of Assessment and Refunds; In FY 2015-16, 94% of income tax returns were filed online and 4.14 crore returns processed without any human intervention; More than 2.10 crore refunds amounting to Rs.1,22,425 crore were paid in FY 2015-16 as compared to Rs. 1,12,188 crore in the FY 2014-15… Read More »

Rationalisation of time limit for assessment, reassessment and recomputation

By | March 6, 2016

Finance Bill 2016 Rationalisation of time limit for assessment, reassessment and recomputation The existing statutory time limit for completion of assessment proceedings is two years from the end of the assessment year in which the income was first assessable. It is desirable that proceedings under the Act are finalised more expeditiously as digitisation of processes within the… Read More »