What is the time limit for issuing best judgement order under section 62?

The officer will assess the tax liability for relevant tax periods to the best of his judgement. He can issue assessment order within 5 years from the due date of the annual return for the year when the tax was not paid.

What is best judgement assessment under what circumstances it is made?

The best judgement assessment means evaluation or estimation in the context income tax law of income of the assessee by the assessing officer. The assessing officer will not act dishonestly or capriciously, he will give his best judgement.

What is best judgement assessment when it is applied?

A best judgement assessment is an income tax assessment which is performed by the assessing officer with limited knowledge about the financial circumstances of the assessee. Assessees may fail to give the assessing officer adequate co-operation regarding the assessment procedure.

What is Section 62 of GST Act?

(1) Notwithstanding anything to the contrary contained in section 73 or section 74, where a registered person fails to furnish the return under section 39 or section 45, even after the service of a notice under section 46, the proper officer may proceed to assess the tax liability of the said person to the best of his …

What are the consequences where a registered person fails to furnish the return required under section 39 or section 45 even after the service of a notice under section 46?

3. It is provided in section 62 rule 100 that, where a registered person fails to furnish a return under section 39 or section 45, a notice in FORM GSTR-3A shall be issued, electronically requiring him to furnish such return within fifteen days.

What is Section 46 under GST Act?

Where a registered person fails to furnish a return under section 39 or section 44 or section 45, a notice shall be issued requiring him to furnish such return within fifteen days in such form and manner as may be prescribed.

Under which section best Judgement assessment is done?

Section 144
The Best Judgment Assessment is a procedure under the IT Act to comply with the principles of natural justice. Vide Section 144 of the Income Tax Act, 1961 the Assessing Officer is under an obligation to make an assessment of the total income or less to the best of his judgment in the following cases.

What are the two types of best Judgement assessment?

There are two types of judgement assessment : Compulsory best judgement assessment made by the assessing officer in cases of non-co-operation on the part of the assessee or when the assessee is in default as regards supplying informations.

What are the consequences of best judgment assessment?

Consequences of best judgment: In a best judgment assessment, where no return has been filed if it is found that the turnover is taxable, penalty can be imposed. The mere fact there is best judgment is not be sufficient for imposition of penalty.

What is DRC 07?

DRC-07 is the summary of all orders. Every order which ultimately ends up in demand creation, liability is created through DRC-07. By submitting DRC-07 to GSTN, liability against the tax payer will be created in part B {other than return related liability} of the Liability Ledger.

What are the consequences of default in furnishing return under GST?

Penalty for non-filing of Information Return The provisions of the act provide that in the case where a person required to file the Information Return fails to do so within the specified time-limit as per the notice, the person shall be liable to pay a penalty of Rs. 100 for every day for which the default continues.