More the 5 crore turnover is attract scurtiny( it ind. file)
This query is : Resolved
25 June 2012
IS THERE ANY LAW IN INCOME TAX , IF THE YEARLY TURNOVER IS 5 CRORE OF MORE IN FIRM OTHER THAN PVT. LTD. CO. THAN ASSESSEE FILE
WILL BE ATTRACT SCURTINY OF INCOME TAX.
PL. HELP ME URGENTY , BECAUSE I AM STARTING
A NEW BUSINESS IN NEXT FEW DAYS IN PROPERITORSHIP FIRM.
THANKS .
IS THERE ANY LAW IN INCOME TAX , IF THE YEARLY TURNOVER IS 5 CRORE OF MORE IN FIRM OTHER THAN PVT. LTD. CO. THAN ASSESSEE FILE
WILL BE ATTRACT SCURTINY OF INCOME TAX.
PL. HELP ME URGENTY , BECAUSE I AM STARTING
A NEW BUSINESS IN NEXT FEW DAYS IN PROPERITORSHIP FIRM.
THANKS .
25 June 2012
NO NO SUCH CRITERIA. FOR DETAILS SEE BELOW LINK--
http://taxguru.in/income-tax/guidelines-for-selection-of-cases-for-scrutiny-for-financial-year-2010-11-assessment-year-2011-12.html
http://taxguru.in/income-tax/guidelines-for-selection-of-cases-for-scrutiny-for-financial-year-2010-11-assessment-year-2011-12.html
25 June 2012
I CAN'T ABLE TO GET THIS LINK. HELP ME SIR
I CAN'T ABLE TO GET THIS LINK. HELP ME SIR
25 June 2012
Criteria for selection of cases under scrutiny F.Y. 2011-12
The Income Tax Department has earlier released a good press note that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs. 10 lakh will not be scrutinised in a routine manner.The Criteria for selection of cases under scrutiny in other cases is given under For Financial Year 2011-12
1. Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore.
2. Cases where there was addition of Rs.10 Lacs or more in earlier assessment year and question of law or fact is confirmed in appeal or pending before appellate authority.
3. Cases in which addition of Rs.10 Crore or more was made in earlier assessment year on the issue of transfer pricing.
4. In case of survey carried out during the financial year, this criteria will not apply in the following cases.
there are no impounding books or documents
there is no retraction of disclosure if any made during survey
the income declared in the return excluding any amount of disclosure made during survey is not less than the declared income of the preceding assessment year.
5. Assessment in search and seizure cases
6. Assessments initiated u/s. 147 / 148 (Reassessment cases)
7. Cases of research organizations (in order to examine credibility of research and other activities as provided u/s. 35 of the I T Act).
8. After amendment to definition of “Charitable Purpose u/s. 2(15)” of the I T Act cases in which exemption is claimed u/s. 10 (23C) or u/s. 12AA are claimed.
9. Over and above the above stated criteria, the assessing officer may select maximum 25 cases in mofussil stations with the prior approval of Additional CIT / Joint CIT.In other areas i.e. metros and bigger cities the assessing officer may select maximum 10 cases after recording reasons for doing so. It is also directed to the approving authorities to monitor and ensure that, quality assessments are framed in these cases.
10. Officer dealing with company cases can select other cases over and above the above mentioned criteria which are in its initial years of operation and are infusing investment by introducing capital or are taking loan but the return filed shows loss.
It is mentioned in the circular that list of cases selected under scrutiny shall be submitted by the assessing officer to their respective range heads by the 15th of the following month and also displayed on the notice boards of their offices. (Though there are clear instructions, this direction is not followed). It is also mentioned in this circular that, the criteria for selection of cases is not to be disclosed even under the Right to Information Act.
The Income Tax Department has earlier released a good press note that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs. 10 lakh will not be scrutinised in a routine manner.The Criteria for selection of cases under scrutiny in other cases is given under For Financial Year 2011-12
1. Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore.
2. Cases where there was addition of Rs.10 Lacs or more in earlier assessment year and question of law or fact is confirmed in appeal or pending before appellate authority.
3. Cases in which addition of Rs.10 Crore or more was made in earlier assessment year on the issue of transfer pricing.
4. In case of survey carried out during the financial year, this criteria will not apply in the following cases.
there are no impounding books or documents
there is no retraction of disclosure if any made during survey
the income declared in the return excluding any amount of disclosure made during survey is not less than the declared income of the preceding assessment year.
5. Assessment in search and seizure cases
6. Assessments initiated u/s. 147 / 148 (Reassessment cases)
7. Cases of research organizations (in order to examine credibility of research and other activities as provided u/s. 35 of the I T Act).
8. After amendment to definition of “Charitable Purpose u/s. 2(15)” of the I T Act cases in which exemption is claimed u/s. 10 (23C) or u/s. 12AA are claimed.
9. Over and above the above stated criteria, the assessing officer may select maximum 25 cases in mofussil stations with the prior approval of Additional CIT / Joint CIT.In other areas i.e. metros and bigger cities the assessing officer may select maximum 10 cases after recording reasons for doing so. It is also directed to the approving authorities to monitor and ensure that, quality assessments are framed in these cases.
10. Officer dealing with company cases can select other cases over and above the above mentioned criteria which are in its initial years of operation and are infusing investment by introducing capital or are taking loan but the return filed shows loss.
It is mentioned in the circular that list of cases selected under scrutiny shall be submitted by the assessing officer to their respective range heads by the 15th of the following month and also displayed on the notice boards of their offices. (Though there are clear instructions, this direction is not followed). It is also mentioned in this circular that, the criteria for selection of cases is not to be disclosed even under the Right to Information Act.
25 June 2012
Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few categories of cases listed below.
List of cases selected during each month in accordance with the selection criteriamentioned below shall be submitted by theAssessing Officers to their respective Range heads by the 15th of the following month and also displayed on the Notice Board of their office.
These guidelines are meant only for the use of officers of the Income Tax Department. These are not be disclosed even if a request is made under the right to Information Act, in view of the decision of the Central Information Commission in the case of Shri Kamal Anand Vs Director (ITA-II), CBDT (Order No. CIC/AT/2007/00617 dated 21.02.2008).
SELECTION CRITERIA APPLICABLE TO ALL RETURNS AT ALL STATIONS:
a) Value of international transaction as defined u/s 92b exceeds Rs. 15 crores.
b) Cases involving addition in an earlier assessment year in excess of Rs.10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an appellate authority.
c) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs.10 Lakhs or more.
d) Assessments in survey cases for the financial year in which survey was carried out This criteria will not apply if all of the following conditions are fulfilled:
(i) There are no impounded books or documents.
(ii) There is no retraction of disclosure made during the survey.
(iii) Declared income, excluding any disclosure made during the survey, is nor less than the declared income of the preceding assessment year.
e) Assessment in Search & Seizure cases to be made under sections 158B, 158BC, 158BD, 153A 153C & 143(3) of the IT Act.
f) Assessments initiated under section 147 / 148 of the IT Act.
g) Assessing Officer may select any return of scrutiny after recording the reasons and obtaining approval of the CCIT/DGIT. The cases under this category should be selected if there are compelling reasons and the case is not selected through CASS. There cases should be watched by CCIT / CIT in respect of the quality of assessment.
List of cases selected during each month in accordance with the selection criteriamentioned below shall be submitted by theAssessing Officers to their respective Range heads by the 15th of the following month and also displayed on the Notice Board of their office.
These guidelines are meant only for the use of officers of the Income Tax Department. These are not be disclosed even if a request is made under the right to Information Act, in view of the decision of the Central Information Commission in the case of Shri Kamal Anand Vs Director (ITA-II), CBDT (Order No. CIC/AT/2007/00617 dated 21.02.2008).
SELECTION CRITERIA APPLICABLE TO ALL RETURNS AT ALL STATIONS:
a) Value of international transaction as defined u/s 92b exceeds Rs. 15 crores.
b) Cases involving addition in an earlier assessment year in excess of Rs.10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an appellate authority.
c) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs.10 Lakhs or more.
d) Assessments in survey cases for the financial year in which survey was carried out This criteria will not apply if all of the following conditions are fulfilled:
(i) There are no impounded books or documents.
(ii) There is no retraction of disclosure made during the survey.
(iii) Declared income, excluding any disclosure made during the survey, is nor less than the declared income of the preceding assessment year.
e) Assessment in Search & Seizure cases to be made under sections 158B, 158BC, 158BD, 153A 153C & 143(3) of the IT Act.
f) Assessments initiated under section 147 / 148 of the IT Act.
g) Assessing Officer may select any return of scrutiny after recording the reasons and obtaining approval of the CCIT/DGIT. The cases under this category should be selected if there are compelling reasons and the case is not selected through CASS. There cases should be watched by CCIT / CIT in respect of the quality of assessment.
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