a person or firm is filling tax return under presumtive income scheme and showing the desired profit. Can his case be subjected to scrutiny u/s 143 ?
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Can presumptive income scheme case be subjected to scrutiny
Replies (2)
Generally it is not scrutinized if you declared incone on all your receipts, but if you have some undisclosed receipts then notice for scrutiny may be raised.
If IT department gets some information regarding some BIG transaction (Based on AIR/SFT or any other source) then the department can issue notice to demand explainantion about the source of funds for such transaction ... so always keep tight records of your receipts and every expense/investment (of any nature) should be justifiable out of gross receipts of bussiness .
Any expense/investment/deposits/receipt having no nexus with bussiness receipts(declared) may qualify for sec 68/69 resulting in penalty etc ....
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