IS THE INITIMATION ORDER AND ASSESSMENT ORDER SAME? I MEAN TO SAY IF ANY PERSON GETS HIS INTIMATION ORDER CAN HE ADJUST HIS PREVIOUS PROVISIONN FOR TAX AND ADVANCE TAX AMOUNT THAT HE HAVE BOOKED IN HIS ACCOUNTS IN EARLIER YEARS.
Anik Sen (Article Assisstant) (156 Points)
03 June 2013IS THE INITIMATION ORDER AND ASSESSMENT ORDER SAME? I MEAN TO SAY IF ANY PERSON GETS HIS INTIMATION ORDER CAN HE ADJUST HIS PREVIOUS PROVISIONN FOR TAX AND ADVANCE TAX AMOUNT THAT HE HAVE BOOKED IN HIS ACCOUNTS IN EARLIER YEARS.
Yogesh Bhandari
(CA FINAL Student)
(429 Points)
Replied 03 June 2013
Intimation order u/s 143(1) is different from assessment order.
Practically, companies adjust income tax provision after the assessment or after the period of 3 or 5 years (in case of no assessment).
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