OUR INCOME TAX ASSESSMENT IS GOING ON FOR F.Y 2005-2006,EVERY TIME ITO ASKING FOR DIFF.DETAILS & GIVE LESS TIME TO TAKE OUT PROPER DETAILSBY SAYING THAT WE HAVE RECD.TARGET TO COMPLETE THE ASSESSMENT
NOW ITO TOLD ME THAT IF WE WILL NOT GIVE THE DETAILS HE WILL ISSUE THE SHOW CAUSE NOTICE TO US & DISALLOWED ALL EXPENSES
KINDLY ADVISE THAT ITO HAS GOT RIGHT TO ISSUE SHOW CAUSE & DISALLOWED THE EXPENSE
| Originally posted by :tarun | ||
| " |
OUR INCOME TAX ASSESSMENT IS GOING ON FOR F.Y 2005-2006,EVERY TIME ITO ASKING FOR DIFF.DETAILS & GIVE LESS TIME TO TAKE OUT PROPER DETAILSBY SAYING THAT WE HAVE RECD.TARGET TO COMPLETE THE ASSESSMENT I think yes ITO has an option of sending the notice but with prior permission of CIT. I would suggest you to give away the details once again and get it acknowledged. Best Regards, Ashutosh
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Yes my dear
the ITO can go for issue a show cause notice.
if ITO is not giving proper time to collection of data then we can write a letter in name of ito for expenation of time limit for collection by giving some reason for such delay.
some one advise me for income tax applicability on sale of motor car used as personal .
| Originally posted by :Abhay Baxi | ||
| " | some one advise me for income tax applicability on sale of motor car used as personal . |
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Moter Car is a Capital Asset as defined U/s2 (14), So transfer of capital asset shall be chargeable to tax under the head Capital Gain. The period opf holding shall be taken into consideration to arrive at whether it is short term capital gain or long term capital gain.
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