Chain of transaction of scrutiny
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 May 2012
when return is filed in the income tax dept,
what is the transaction flow is linked to reach upto scrutiny?
what is the transaction flow is linked to reach upto scrutiny?
14 May 2012
Income tax department notifies by way of an internal circular certain criteria for selecting returns for scrutiny.
An assessee who fulfills any of those criteria is issued a scrutiny notice.
For instance a professional whose gross receipts exceed Rs. 20 lakhs and he shows a net profit of less than 20% of such gross receipts shall be selected for scrutiny.
If there are unsecured loans above a specified limit, then return is selected for scrutiny.
An assessee who fulfills any of those criteria is issued a scrutiny notice.
For instance a professional whose gross receipts exceed Rs. 20 lakhs and he shows a net profit of less than 20% of such gross receipts shall be selected for scrutiny.
If there are unsecured loans above a specified limit, then return is selected for scrutiny.
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