Assessing Officer
"Assessing Officer" means the Deputy
Commissioner of Income-tax or the Assistant Commissioner or the
Income-tax Officer who is vested with the relevant jurisdiction by
virtue of directions or orders issued under sub-section (1) or
sub-section (2) of section 120 or any other provision of the Income-tax
Act which apply for the purposes of wealth-tax under section 8 of this
Act and also the Joint Commissioner who is directed under clause (b) of
sub-section (4) of the said section 120 to exercise or perform all or
any of the powers and functions conferred on or assigned to the
Assessing Officer under that Act;]
Self assessment Section 15B
(1) Where a return has been furnished under section 14 or section 15
and the tax payable on the basis of that return exceeds five hundred
rupees, the assessee shall pay the tax so payable within thirty days of
furnishing the return.
(2) After a provisional assessment under section 15C or a regular
assessment under section 16 has been made, any amount paid under sub-
section (1) shall be deemed to have been paid towards the provisional
assessment or regular assessment, as the case may be.
(3) If any assessee fails to pay the tax or any part thereof in
accordance with the provisions of sub- section (1), he shall, unless a
provisional assessment under section 15C or a regular assessment under
section 16 has been made before the expiry of thirty days referred to in
that sub- section, be liable, by way of penalty, to pay such amount as
the Wealth- tax Officer may direct, 1[ and in the case of a continuing
failure, such further amount or amounts as the Wealth- tax Officer may
from time to time direct, so, however, that the total amount of penalty
does not exceed fifty per cent. of the amount of such tax or part, as
the case may be:] Provided that before levying any such penalty, the
assessee shall be given a reasonable opportunity of being heard.
Assessment of Wealth Tax by Assessing Officer (AO)
The assessing officer assess the return of Wealth submitted by the
Assessee. If he is satisfied with the Return, computation and tax
payment made by the Assessee, he will pass the Assessment Order.
If the Assessing officer is not satisfied with the Return filed by the
Assessee or find any discrepancies he may pass the Assessing Order with
Demand notice for the amount of tax due.
Any assessee intends to appeal against the order of the Assessing
Officer can file appeal with the Commissioner of Wealth Tax within 30
days of receipt of the Assessment Order.
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