Self-assessment requirement and provisional assessment process determine tax liability and subsequent audit or best judgment measures. Every registered person must self assess and file returns; where value or rate cannot be determined the taxpayer may request provisional assessment which requires a bond and officer's order, with final assessment due within six months subject to extensions up to a total provisional period of five years. Discrepancies on scrutiny may lead the officer to conduct audit, special audit, inspection/search or initiate determination proceedings. Failure to file returns triggers notice under section 46 and best judgment assessment under section 62/63 within a five year limitation; best judgment orders withdraw if a valid return and payment are made within thirty days.
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Provisions expressly mentioned in the judgment/order text.
Self-assessment requirement and provisional assessment process determine tax liability and subsequent audit or best judgment measures.
Every registered person must self assess and file returns; where value or rate cannot be determined the taxpayer may request provisional assessment which requires a bond and officer's order, with final assessment due within six months subject to extensions up to a total provisional period of five years. Discrepancies on scrutiny may lead the officer to conduct audit, special audit, inspection/search or initiate determination proceedings. Failure to file returns triggers notice under section 46 and best judgment assessment under section 62/63 within a five year limitation; best judgment orders withdraw if a valid return and payment are made within thirty days.
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