MANAGEMENT

Detailed explanation-1: -What is Assessed Value. Definition: For the purpose of taxation, a property is assessed for its monetary worth. This ascertained price is known as assessed value. Description: This assessment is done at an annual basis, considering factors such as property values and market conditions in the neighboring areas.

Detailed explanation-2: -Under the Income-tax Law, there are four major assessments given below: Assessment under section 143(1), i.e., Summary assessment without calling the assessee. Assessment under section 143(3), i.e., Scrutiny assessment. Assessment under section 144, i.e., Best judgment assessment.

Detailed explanation-3: -The true basis of assessment should be the capacity of the. citizen to pay. This capacity should be determined by the. earning power of property or else by actual income. The.