Notice under section 143(2) of the income tax act. 1961

Were the accounts audited? Audit report may help you to justify your claim.

Thank you Sir,

Accounts have been audited, but, what evidence we can represent before ITo to justify our Return of Income. Sales turnover can only be justified by VAt returns.

Please guide.

Thanks & Regards

Now here you have to depend upon the data other than VAT return as that is not revised and hence you are required to nullify that based on your audited accounts figures,  raised bills with debtors/purchasers confirmations, etc.

It your figures are genuine, you should be able to stand on the truth.

Thank you Sir,

All figures are genuine. Thanks for your support.

Thanks & regards

Thank you Sir,

All figures are genuine. Thanks for your support.

Thanks & regards

It my pleasure.

Good luck

May truth prevail.

My client is in receipts of same type notice. You have to reconcile custom duty with your import with help of bill of entry. Secondly reconcile your Sales turnover with vat return and find reason of difference in TO and give explaination of the same.

Thank you sir for your reply.

Actually problem is that VAT Returns was to be revised to match the TO with Income Tax Return. But unfortunately VAT returns were not revised. sowe cannot Sales turnover with VAT returns.

Plesae help in this matter what can be done.

Thanks & Regards

Arun Dixit

Dear Arun,

If possible u should account for the discrepancy in filing your Annual Sales Tax Return. Let the difference continue oin your monthly VAT returns and income tax records but do rectify it while filing annual sales tax declaration!

Thank you Gyati Gupta

I have received a letter of scrutiny for asst year 2015-16 in which it is written that the scrutiny is limited and selected for security transaction. Pls specify me what details I should keep ready for this.Will it b convenient to give reply through email as the ito give the option in his letter

I have received a letter of scrutiny for asst year 2015-16 in which it is written that the scrutiny is limited and selected for security transaction. Pls specify me what details I should keep ready for this.

@ NAgar: 1. If you are well-versed & equipped with the computer system and can easily communicate, you can select the option to reply with E-mail, which may be changed to paper/manual one, if required in future.

2. Most of the required points are covered in the the notice, on which the scrutiny be based. So, prepare that all along with the bills of security transactions, related Bank statements, demate acc statements etc. Prepare P&L as per the trading and compare the same as per the details submitted in ITR

3. If any loans, get confirmations.

It would be better to rope in any tax expert to handle the case, who can take over all your anxiety and frustration.