Best judgment assessment
Understand the Problem
The question is asking for information about the best judgment assessment, which likely refers to methods or criteria used to evaluate decisions based on subjective judgment.
Answer
The best judgment assessment is made by an officer under Section 144 when tax returns aren't filed or information is incomplete.
The best judgment assessment under Section 144 of the Income Tax Act allows an assessing officer to determine tax liability based on their best judgment when a taxpayer fails to file returns or provide required information.
Answer for screen readers
The best judgment assessment under Section 144 of the Income Tax Act allows an assessing officer to determine tax liability based on their best judgment when a taxpayer fails to file returns or provide required information.
More Information
Best judgment assessments help tax authorities estimate a taxpayer's liability fairly when accurate information isn't provided, ensuring compliance with tax laws.
Tips
A common mistake is not understanding the conditions under which best judgment assessment is invoked, such as non-compliance or incomplete information. Ensure all required documentation and information are submitted on time.
Sources
- Section 144 of Income Tax Act: Best Judgment Assessment - taxbuddy.com
- Best Judgement Assessment - Income Tax - IndiaFilings - indiafilings.com
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