Taxation

Section 143(1) of the Income Tax Act 1961 is a key preliminary assessment tool for tax returns. It allows the Income Tax Department to review returns, identify errors, and tackle potential issues before detailed scrutiny. This provision applies to various taxpayers - individuals, families, corporations, etc. Post the preliminary assessment, if discrepancies are detected, a Preliminary Assessment Notice is sent to the taxpayer. Non-compliance with this notice can lead to legal troubles. Hence, understanding this section is essential for a smooth tax assessment process.

As technology continues to evolve rapidly, it profoundly impacts various aspects of our lives, including how we file income tax returns. Electronic filing (e-filing) has become the standard method for submitting tax returns, offering convenience, efficiency, and accuracy. However, the future of e filing of income tax returns holds even greater potential as emerging technologies…