Summary of "FINAL Best Revision MAY/NOV 2025🔥| Assessment Procedure | CA Aarish Khan | PART 2"
Video Summary: FINAL Best Revision MAY/NOV 2025🔥| Assessment Procedure | CA Aarish Khan | PART 2
Main Ideas and Concepts:
- Assessment Procedure Overview:
The video focuses on the Assessment Procedure in the context of Income Tax, particularly for CA final students preparing for exams in May and November 2025. Emphasis is placed on understanding the various amendments and provisions related to return filing and assessment.
- Return Filing Requirements:
- Section 139(1): Mandatory filing of returns for different categories of taxpayers, including companies, firms, and individuals whose gross total income exceeds the basic exemption limit.
- Categories of Taxpayers:
- Companies, LLPs, and firms must always file returns, regardless of profit or loss.
- Individuals, HUFs, AOPs, BOIs must file if their gross total income exceeds the basic exemption limit.
- Additional requirements for foreign assets and high-value transactions (e.g., bank deposits over ₹1 crore, electricity bills over ₹1 lakh).
- Consequences of Late Filing:
Late filing can result in penalties, interest under Section 234A, and disallowance of certain deductions. Specific penalties are outlined under Section 234F for late filing.
- Revised and Defective Returns:
Provisions for revising returns and handling defective returns are explained, including timelines and necessary actions.
- Assessment Types:
- Regular Assessment: Conducted under Section 143, with specific timelines for completion.
- Best Judgment Assessment: Applicable when taxpayers fail to comply with notices or filing requirements.
- Income Escaping Assessment: Under Section 147, allows the reopening of assessments if income has escaped taxation.
- Search and Seizure Procedures:
Details the process of search and seizure, including the authority needed to conduct searches and the rights of the taxpayer during such proceedings. Introduction of block assessments for search and seizure cases, outlining how income will be assessed over multiple years.
- Penalties and Interest:
The video discusses the implications of penalties for undisclosed income and the calculation of interest on late payments.
- Special Provisions for Block Assessments:
New provisions for block assessments introduced in the Finance Act 2024, including how assessments will be conducted and the implications for taxpayers.
Methodology/Instructions:
- Filing Returns:
Ensure to file returns timely to avoid penalties. Check if gross total income exceeds the basic exemption limit to determine filing obligations.
- Understanding Assessment Types:
Familiarize yourself with the differences between regular assessments, best judgment assessments, and income escaping assessments.
- Compliance during Search and Seizure:
Understand your rights during searches and the importance of compliance with notices.
- Handling Penalties:
Be aware of the conditions under which penalties can be waived and the importance of timely filing.
Speakers/Sources Featured:
- CA Aarish Khan - Main speaker and educator in the video, providing insights and guidance on the Assessment Procedure for CA final students.
This summary encapsulates the key points discussed in the video, focusing on the Assessment Procedure, return filing requirements, consequences of late filing, and the newly introduced block assessment provisions.
Category
Educational
