The AO Full Form in law is Assessing Officer. Assessing officer is essential to the system of tax administration, especially in countries like India. Usually, this official is in charge of assessing and figuring out the tax obligations of both individuals and organizations. The position entails a number of crucial duties and tasks that support efficient tax administration and adherence to legal requirements.
Key responsibilities of an assessing officer:
Assessing the income tax returns that people file is the Assessing Officer’s main duty. This entails comparing the data in the returns with the records that are now accessible, including income, deductions, and any other pertinent financial data. AOs make sure that taxpayers are adhering to tax laws and that returns are filed accurately. The power to audit taxpayer accounts is granted to Assessing Officers. To confirm the accuracy of reported income and expenses, this may entail going over financial statements, looking through books of accounts, and going on field trips.
Issuing notices and assessments:
AOs notify taxpayers of any anomalies discovered during audits or the review of their tax returns by sending them letters for assessments. Additionally, taxpayers may be asked to submit more documents or information in response to these notices. The assessment orders that AOs issue after the review process establish the ultimate tax liability, including any fines or interest for non-compliance.