Expert Income Tax Assessment Services for Hassle-Free Compliance

At LEGOMARK INDIA, we specialize in Income Tax Assessment services to ensure that your tax returns are accurately filed and fully compliant with the Income Tax Act, 1961. Our experienced team assists individuals, businesses, and professionals in navigating the tax assessment process, helping you avoid penalties, interest charges, and legal scrutiny.

What is Income Tax Assessment?

Income Tax Assessment is the process where the Income Tax Department evaluates your filed tax returns to verify income, deductions, and tax liabilities. This assessment can be self-assessed by the taxpayer or conducted by the tax authorities.

If discrepancies are found, the Income Tax Department may issue a scrutiny or reassessment notice. It is crucial to respond accurately to avoid penalties or legal consequences.

Types of Income Tax Assessments

1. Self-Assessment (Section 140A)

• Taxpayers calculate and pay their own taxes before filing the return.

• If correctly filed, the return is processed without scrutiny.

2. Summary Assessment (Section 143(1))

• An automatic assessment that verifies mathematical accuracy and discrepancies.

• If correct, the return is accepted, and refunds (if any) are processed.

3. Scrutiny Assessment (Section 143(3))

• The Income Tax Department selects returns for in-depth review.

• Taxpayers must provide additional documents and explanations.

4. Reassessment (Section 147)

• Conducted if authorities suspect underreported income or unpaid taxes.

5. Best Judgment Assessment (Section 144)

• Applied when a taxpayer fails to file a return or respond to notices.

• The department assesses tax based on available records.

Why is Income Tax Assessment Important?

An accurate Income Tax Assessment ensures:

• Correct tax payment and refund issuance.

• Prevention of penalties and legal scrutiny.

• Identification of errors, omissions, or fraud.

• Timely dispute resolution between taxpayers and authorities.

Taxpayers must maintain proper documentation and respond to notices promptly to avoid unnecessary financial and legal troubles.

Income Tax Assessment Process at LEGOMARK INDIA

At LEGOMARK INDIA, we follow a structured approach to ensure smooth and error-free Income Tax Assessment:

1. Tax Review & Preparation: We thoroughly review your tax returns to ensure accuracy and completeness.

2. Document Compilation: We help gather all required documents for scrutiny or reassessment.

3. Filing Responses to Notices: Our experts draft and submit responses to any tax assessment queries.

4. Representation in Scrutiny: We represent you before the Income Tax Department to handle scrutiny assessments.

5. Tax Payment & Refund Assistance: We guide you in accurate tax payments and refund claims.

6. Reassessment Handling: Our professionals manage reassessments by providing necessary explanations and documentation.

Documents Required for Income Tax Assessment

1. Income Tax Return (ITR) Documents:

• Filed Income Tax Return (ITR-V) copy

• Form 26AS (TDS Statement)

2. Proof of Income:

• Salary slips/pay stubs

• Bank statements showing income transactions

• Business invoices and contracts

• Income from investments (dividends, interest, capital gains statements)

3. Deduction & Claim Proofs:

• Investment proofs (PPF, LIC, NSC, etc.)

• Health insurance receipts (for Section 80D deductions)

• Home loan interest certificate (for deductions under Section 24 & 80C)

• Educational expense receipts (for Section 80E deductions)

4. Tax Payment Proofs:

• Self-assessment tax challans

• Advance tax receipts

5. TDS Certificates:

• Form 16 (issued by employers)

• Form 16A/16B (for other TDS deductions)

6. Business & GST Documents (if applicable):

• Audited financial statements

• GST return filings (GSTR-1, GSTR-3B)

7. Additional Documents for Scrutiny/Reassessment:

• Scrutiny or reassessment notices from the Income Tax Department

• Supporting evidence for all claims and deductions

Why Choose LEGOMARK INDIA for Income Tax Assessment?

Experienced Tax Professionals: Our chartered accountants (CAs) specialize in handling complex tax assessments.

End-to-End Services: From document collection to filing responses and representation, we provide comprehensive support.

Timely & Accurate Filing: Avoid penalties and legal scrutiny with our expert guidance.

Affordable & Transparent Pricing: Quality service at competitive rates with no hidden fees.

Get Started with Your Income Tax Assessment Today!

Ensure that your Income Tax Assessment process is hassle-free with LEGOMARK INDIA. Our experts are here to assist you with accurate tax filings and responses to scrutiny notices.

Call us now for a consultation or fill out our contact form to get started!

FAQs on Income Tax Assessment

1. What happens if I don’t respond to an Income Tax notice?

Failure to respond may result in penalties, additional taxes, or a Best Judgment Assessment (Section 144) by the department.

2. How long does the Income Tax Department take for an assessment?

Assessments usually take 6-12 months, depending on complexity and response time.

3. Can I appeal against a tax assessment order?

Yes, if you disagree with an assessment, you can file an appeal with the Commissioner of Income Tax (Appeals) within the stipulated timeframe.

4. What is the penalty for incorrect tax filing?

Penalties range from 50% to 200% of the tax due, depending on the severity of misreporting.

5. How can LEGOMARK INDIA help with tax scrutiny?

We handle document submissions, draft responses, and represent you before tax authorities to ensure a smooth assessment process.

Boost Your Compliance with LEGOMARK INDIA’s Income Tax Assessment Services!