Income tax assessment proceedings of Expatriate and Corporate Income Tax

Income Tax Assessment Proceedings

• As per Income Tax Law, every taxpayer must furnish the details of his income to the income tax department. These details are to be furnished by filing the income tax return . Once the return of income is filed by taxpayer, the next step is processing the tax return by the income tax department. The income tax department examines the return of income for its correctness. The process of examining the return of income by the income tax department is called “Assessment”. There are four types of income tax assessment carried out by income tax department:-
• Summary-Assessment {under section 143(1)} : This is the first stage of tax assessment where processing of return carried out, to rectify the mistake which apparent from records.
• Scrutiny-Assessment {under section 143(3)} : In scrutiny assessment, the assessment is done in detailed manner.
• Best Judgment {under section 144} : The assessing officer can compute tax liability based on best judgment, if where an income tax return has not been filed or where respond has not submitted in reference to notice issued.
• Income Escaping-Assessment {under section 147} : Notice shall be issued (under section 148) if assessing officer has reason to believe/information which suggest that the income chargeable to tax has escaped assessment.

MBG Corporate Services can assist on “Income tax assessment proceedings of Expatriate and Corporate Income Tax ” in following ways

• Handling income tax assessment proceedings and representing before Income Tax Authorities.
• Addressing queries, responding to notices, and providing necessary documentation to support the filed return during the assessment process.
• Representation before tax appellate authorities [Commissioner (Appeals){CIT(A) and Tax Tribunals}] including filing & contesting, appeals  and drafting submission.
• Strategic guidance on advance rulings & Representation before Authority for Advance Rulings (AAR).
• Litigation support before Supreme Court (SC) & High Courts  (HCs) through in-house & external expert legal counsels.
• Representation before Courts/  Tax authorities in matters related to search, survey and Income tax Settlement Commission.