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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ITDS U/S.194T of Firm
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- Eway bill not cancelled within 24 hous what can be due
- DIN reactivation
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
