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Actual meaning of itr processed status
I had filed an ITR will nearly 30% more income when compared to last year.
I was worried because of demonetisation that my returns will be taken up for scrutiny.
However, Now, my ITR has been processed. with Rs. 8 demand (I am told you can ignore it)
My Question is - if the ITR is processed does that mean that the return will not be taken up for scrutiny?
My next question is:- If this year i file returns with 25% less income from last year because bank interest rates have come down over the years. Does this mean that there is a substantial drop in income?
Remember bank interest just a few years ago was 9.5-10% for Senior citizens and now it is around 7.5%.
What is the criteria to determine if there is a substantial increase or fall in income
Replies (5)
Itr has been processed does not mean the return cannot be taken up for scrutiny.
Answer to Q2. It is a drop in income however the criteria is not expressly provided by the IT Departnent.
Don't worry about scrutiny now. But respond to the demand if any raised. Least chance for selection of scrutiny and it depends on your jurisdiction also
Income can very for various reasons. That's should not worry u for scrutiny. For stock traders income ranges from crores of profit to crores of lisses. For salaried there are things like bobus, job loss etc. Situations like these apply to almost everyone. Hope that helps. You should have sound reasoning for your ITR filing, that's it.
There is no need to worry about scrutiny sir, the income tax Dept. assured that, IT returns filed less than <50L income will have low chance of getting scrutiny notices from current year.
Dont worry about scuriny
only you should pay demands even though amount is small
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