Filling of e- return - Assessment procedure, Income Tax Laws Video Lecture | Income Tax Laws - B Com

Ans. The assessment procedure for filling e-return involves the following steps: 1. Filing the e-return: Taxpayers need to file their income tax return electronically using the designated online portal or software. 2. Verification: After filing the e-return, it must be verified within the specified time frame. This can be done electronically through Aadhaar OTP, EVC, or by sending a signed physical copy of the ITR-V to the Centralized Processing Center (CPC). 3. Processing by the Income Tax Department: Once the e-return is verified, the Income Tax Department processes it. They may conduct scrutiny or assessment of the return to verify the accuracy of the information provided. 4. Issuance of intimation: Based on the processing, the Income Tax Department may issue an intimation to the taxpayer. This intimation can be in the form of a refund, demand for additional tax payment, or seeking clarification on certain aspects of the return. 5. Compliance: The taxpayer needs to comply with the intimation by either accepting it or providing the necessary information or payment as requested.

Ans. The Income Tax Laws related to e-return filing include the following provisions: 1. Section 139: This section mandates the filing of income tax returns by individuals, companies, and other entities within the specified due dates. 2. Section 139A: This section deals with the requirement of obtaining a Permanent Account Number (PAN) for filing income tax returns. 3. Section 139AA: This section makes it mandatory for individuals to link their Aadhaar with their PAN for filing income tax returns. 4. Section 143: This section empowers the Income Tax Department to process and assess the filed return and issue intimation to the taxpayer. 5. Section 234F: This section imposes a penalty for delay in filing income tax returns, ranging from Rs. 1,000 to Rs. 10,000, depending on the time of filing.

Ans. You can file an e-return by following these steps: 1. Register on the Income Tax Department's e-filing portal. 2. Select the appropriate ITR form based on your income sources and category. 3. Fill in the required details in the online form, including personal information, income details, deductions, and tax payments. 4. Validate and submit the form electronically. 5. After submission, verify the return within the specified time by using Aadhaar OTP, EVC, or sending the signed physical copy of the ITR-V to the CPC. 6. Once verified, the Income Tax Department will process your return and issue an intimation if necessary.

Ans. Scrutiny assessment in e-return filing is a process where the Income Tax Department examines the filed return in detail to ensure accuracy and compliance with tax laws. It involves a thorough review of the income, deductions, exemptions, and other information provided in the return. The purpose of scrutiny assessment is to verify the taxpayer's claims and detect any discrepancies or underreporting of income. If selected for scrutiny, the taxpayer may be required to provide supporting documents and attend hearings or provide clarifications to the tax authorities.

Ans. Yes, you can revise your e-return after filing if you discover any errors or omissions. The Income Tax Act allows taxpayers to file a revised return under Section 139(5) within a specific time frame. The revised return should include all the correct and updated information, replacing the original return. However, revision is only allowed if the original return was filed within the due date. The revised return is considered as a valid return and supersedes the original return for assessment purposes.