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Income Tax Notice of Reassessment (U/S 122(5))

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Original price was: Rs. 15,000.Current price is: Rs. 10,000.

Required Documents:

  1. Copy of the original assessment order
  2. Relevant tax return documents
  3. Proof of payment of taxes
  4. Supporting documents justifying the original return
  5. Any correspondence with the tax authorities

Instructions: Email your scanned documents and information to sales@taxasaan.pk or WhatsApp them to 03008362021.

Meaning of the Service: The Notice of Reassessment (U/S 122(5)) is a legal document issued by the tax authorities indicating that your tax return is being reviewed and potentially reassessed. This could be due to discrepancies or additional information found after the original assessment. The purpose of this notice is to ensure that the tax liability is accurately determined and any errors or omissions are corrected.

An Income Tax Notice of Reassessment under Section 122(5) can be issued to individuals, firms, or companies. This section allows the tax authorities to amend or reassess an income tax assessment if they believe it is incorrect, incomplete, or has been made based on incorrect information. It applies to any taxpayer, regardless of whether they are an individual, firm, or company.

Practical Use Case: If you receive a Notice of Reassessment, it means that the tax authorities believe there may be issues with your previously filed tax return. This service helps you navigate the reassessment process, ensuring that all necessary documents are provided and that your case is handled effectively. This is crucial for avoiding additional penalties and ensuring compliance with tax regulations.

How It Works:

  1. Document Submission: Gather and submit all required documents, including the original assessment order and any supporting evidence.
  2. Review Process: Our team reviews the documents and assesses the situation to prepare a response to the Notice of Reassessment.
  3. Preparation of Response: We prepare a comprehensive response to the tax authorities, addressing any discrepancies and providing necessary justifications.
  4. Submission to Tax Authorities: We submit the response on your behalf, ensuring it meets all legal requirements and deadlines.
  5. Follow-Up: We follow up with the tax authorities to track the progress of your case and provide updates.

Timeline: The process typically takes between 15 to 30 business days, depending on the complexity of the reassessment and the response required. We aim to expedite the process and keep you informed every step of the way.

Benefits:

  • Expert Guidance: Receive professional assistance in managing and responding to the Notice of Reassessment.
  • Compliance Assurance: Ensure that your response complies with legal requirements, minimizing the risk of further penalties.
  • Stress Reduction: Simplify the reassessment process and reduce the stress associated with handling tax issues on your own.
  • Timely Resolution: Speed up the process of resolving any discrepancies and avoid delays that could lead to additional penalties.

This service ensures that you are well-prepared and supported throughout the reassessment process, helping you achieve a favorable resolution with the tax authorities.