Assessments
(1)
Save as otherwise provided, the Commissioner shall assess every
person who has income chargeable to tax as expeditiously as possible after the
expiry of the time allowed to that person under this Act for the delivery of a
return of income.(2)
Where a person has delivered a return of income, the
Commissioner may -- (a)
- (i) accept the return and deem the amount that person has declared as his self-assessment in which case no further notification need be given; or
- (ii) where the return is in respect of a year of income prior to 1992, accept that return and assess him on the basis thereof;
- (b) if he has reasonable cause to believe that the return is not true and correct, determine, according to the best of his judgement, the amount of the income of that person and assess him accordingly.
(3)
Where a person has not delivered a return of income for a year of
income, whether or not he has been required by the Commissioner so to do, the
Commissioner considers that the person has income chargeable to tax for that
year, he may, according to the best of his judgement, determine the amount of
the income of that person and assess him accordingly; but the assessment shall
not affect any liability otherwise incurred by that person under this Act in
consequence of his failure to deliver the return.