Cos with Rs 50 lakh fresh capital induction may come under t

Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT). “The new scrutiny norms are stated to be confidential and insulated against the invoking of the Right to Information (RTI) Act. Therefore, the taxpayers and their counsels would not know on what parameters a case is selected for scrutiny,” said sources close to the development.