Income Tax Scrutiny
Types of Notices under Income Tax Act, 1961
Income Tax - Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment. The basic purpose is to inquire the details of the assessee before making assessment under the Act. It can be related to ‘Preliminary Investigation’ before starting the assessment....
Read MoreGovt to prescribe New scheme for Income Tax scrutiny assessment
Income Tax - It is proposed to amend the section 143, by inserting a new sub-section (3A), after sub-section (3), enabling the Central Government to prescribe the aforementioned new scheme for scrutiny assessments, by way of notification in the Official Gazette....
Read MoreAIR (Annual Information Report) and Scrutiny Assessment u/s 143(3)
Income Tax - n the era of technology and data analytics, Income Tax Department too empowered itself with one of the most enabling report which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Mutual Funds, to submit AIR (Annual Information Report). In this article...
Read MoreGuidelines for Selection of Cases for Scrutiny for FY 2017-2018
Income Tax - CBDT has issued Instruction No. 5/2017 dated 7th July 2017 by which it has laid down the procedure and criteria for compulsory manual selection of returns/cases requiring scrutiny during the financial-year 2017-2018. ...
Read MoreRelax Scrutiny provisions for Individual Tax Payers: ICAI
Income Tax - In order to encourage more people to file income tax returns, necessary provisions may be introduced, such as: Individuals having taxable income upto Rs. 10 lakhs may not be subjected to scrutiny for 3 Assessment Years unless there is specific information available with the Department regarding his high value transaction....
Read MoreOnly 0.35% returns picked up for scrutiny this year: CBDT chairman
Income Tax - Income Tax Department has accepted 99.65 per cent of tax returns as it is and has picked only 0.35 per cent cases for detailed scrutiny thereby showcasing full faith in the taxpayers, chairman of the Central Board of Direct Taxes (CBDT), Mr Sushil Chandra said at an ASSOCHAM event held in New Delhi today....
Read MoreGiving-up of Indian addresses may not result in escaping scrutiny
Income Tax - In respect of Income Tax department, the persons are liable for taxation on income/transaction originated/attributed to India irrespective of their addresses. Giving-up of Indian addresses may not result in escaping scrutiny by the Department. Specific cases of NRIs giving-up Indian addresses solely for this purpose have not been noticed....
Read MoreReturn revised to change cash balance /Income may face Scrutiny
Income Tax - It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution ...
Read MoreCBDT Streamlining scrutiny assessment and facilitating electronic communication
Income Tax - Taking another step in this direction, Central Board of Direct Taxes (CBDT) has issued instructions to the assessing officers to be specific in enquires made in the case of tax payers whose returns are under scrutiny. The directions are comprehensive and cover cases selected through Computer Aided Scrutiny Selection (CASS) for limited scr...
Read MoreAvoid lengthy questionnaires without due application of mind – CBDT to its Officers
Income Tax - Though less that 1% of returns filed are selected for scrutiny, this area of work has often drawn adversarial comments. Supervisory officers, have been directed to play a more pro-active role in monitoring and guiding assessments towards ensuring that high-pitched assessments without proper basis are not made and that lengthy questionnai...
Read MoreIn granting approval to case manually selected for scrutiny CIT is required to show application of mind
M/s Brothers & Sisters Enterprise Vs JCIT (ITAT Kolkata) - 1. The argument of the assessee in this case is that the selection for scrutiny of this case manually done by the Assessing Officer is bad in law and that the Commissioner of Income Tax has granted approval for selection of this case for scrutiny by the AO without application of mind. Ld. Counsel fo...
Read MoreNotice under section 143(2) has to be served within stipulated time
Cameron (Singapore) Pte Ltd Vs. ADIT (International Taxation) (ITAT Jaipur) - According to section 143(2) of the Income Tax Act, 1961(for short the Act), where a return has been furnished under section 139 of the Act, or in response to a notice under section 142(1) of the Act, the Assessing Officer(AO) or the prescribed income-tax authority, as the case may be, if, considers ...
Read MoreRTI -Income-tax department return scrutiny guidelines should be public – HC
Joginder Pal Gulati Vs The Officer On Special Duty (ITA II) Cum CPIO and ANR (Delhi High Court) - In so far as the impugned order is concerned, there is nothing stated in the operative part which would seem to indicate that the CIC has come to the conclusion which it has, is based on the fact that, the economic interest of the country, will get effected. The CIC, in the operative part has merely...
Read MoreManual Income Tax Scrutiny Criteria for financial-year 2018-2019
Instruction No. 04/2018 - (20/08/2018) - CBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04/2018 Dated: 20th August 2018....
Read MoreScrutiny Assessment only through ‘E-Proceeding’ facility subject to 7 exceptions
Instruction No. 03/2018 - (20/08/2018) - CBDT has vide Instruction No. 03 dated 20th August 2018 directs that In all cases (subject to exceptions provided), where assessment is required to be framed under section 143(3) of the Act during the year 2018-19, assessment proceedings shall be conducted electronically through the 'E-Proceeding' f...
Read MoreUpload Pending scrutiny orders/completion of processing: DIT
F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/1 - (07/02/2018) - As you may be aware, Assessing Officers are required to complete scrutiny proceeding in ITD system or on ITBA as well as process e-filed returns transferred by CPC in certain scenarios for various AYs....
Read MoreAssessment of Defective Income Tax Return Selected For Scrutiny Under CASS- Procedure
F.No. System/ITBA/CASSlDefective returns/17 -18/ - (12/12/2017) - During CASS Cycle 2016, some of the returns of income which earlier were treated as defective as per provision of section 139(9) of Income Tax Act, 1961 (‘Act’) either for the reason that the taxes as per the return were not paid or for any other reason specified therein were also selected for s...
Read MoreUnauthorized expansion of scope of limited scrutiny- CBDT suspends officers
F.No. DGIT(Vig.)/HQ/SI/2017-18 - (30/11/2017) - It was found that no reasons had been recorded for expanding the scope of limited scrutiny, no approval was taken from the PCIT for conversion of the limited scrutiny case to a complete scrutiny case and the order sheet was maintained very perfunctorily. This gave rise to a very strong suspicion of ...
Read MoreRecent Posts in "Income Tax Scrutiny"
Manual Income Tax Scrutiny Criteria for financial-year 2018-2019
Instruction No. 04/2018 - (20/08/2018) -
Scrutiny Assessment only through ‘E-Proceeding’ facility subject to 7 exceptions
Instruction No. 03/2018 - (20/08/2018) -
Only 0.35% returns picked up for scrutiny this year: CBDT chairman
Giving-up of Indian addresses may not result in escaping scrutiny
Types of Notices under Income Tax Act, 1961
Upload Pending scrutiny orders/completion of processing: DIT
F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/1 - (07/02/2018) -
Govt to prescribe New scheme for Income Tax scrutiny assessment
AIR (Annual Information Report) and Scrutiny Assessment u/s 143(3)
Assessment of Defective Income Tax Return Selected For Scrutiny Under CASS- Procedure
F.No. System/ITBA/CASSlDefective returns/17 -18/ - (12/12/2017) -
Unauthorized expansion of scope of limited scrutiny- CBDT suspends officers
F.No. DGIT(Vig.)/HQ/SI/2017-18 - (30/11/2017) -
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