ASSESSMENT:

1. Preamble

Assessment is the process of determination of the tax liability of a tax payer. Section 6203 of the Revenue and Taxation Code of the Internal Revenue Service of the USA defines it as the “statutorily required recording of tax liability”. Analysis of this definition reveals that assessment is a–

• statutory requirement (laid down in the law) which provides that

• tax liability by recorded

Fiscal Statutes lay down a code for assessment which, inter alia, encapsulates–

• the person whose liability is to be recorded i.e. the tax payer

• the person who is empowered/authorised to undertake such determination i.e. the assessing

• the manner in which the tax liabilities is to be determined, and

• the procedure to be followed for recording the tax liability.