can anyone plz explain that what is the logic behind demanding the financial particulars( like cash debtor creditor stock) in itr by income tax department?
what cross verification they can do with these particulars?
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income tax itr4
Replies (5)
Sometimes it helps to verify/confirm balances of your creditors & debtors, whenever their case is under scrutiny.
means except scrutiny there is no relevance????
Department wishes to keep such data (easy to store in digital form), so whenever it is required for cross verification, it can be handy (without modification !!)
I mean that cross verification can be only in the case of scrutiny ????
Generally yes, but not limited to...
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