Hi
I want to ask the following questions.
1.What will be the criteria for the Scruitny after notification 402 dated 14th march 2011 of CBDT ?
2.Whether a assessee can get relief after the notification whose income are from Business,but doesn't exceed10 lakhs in a financial year and file his income tax return either in ITR 4 or in ITR V.
Please do reply soon.
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Notification for Scrutiny
Replies (2)
No.402/92/2006-MC (07 of 2011)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi dated the 14
th
March 2011
PRESS RELEASE
Streamlining procedure for scrutiny of income-tax returns
Scrutiny of income tax returns is an important mechanism for ensuring taxpayer
compliance and to counter tax-evasion. However, it has evoked some concern from small
taxpayers and senior citizens about prolonged enquiries. Concerns have also been raised about
selection of the same cases in scrutiny year after year.
Appreciating the concern of these taxpayers and with a view to mitigate their hardships,
Central Board of Direct Taxes has reviewed its scrutiny selection procedure. In order to redress
the grievance, it has been decided that during the financial year 2011-12, cases of senior citizens
and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny
only where the Income Tax department is in possession of credible information.
Senior citizens for this purpose would be individual taxpayers who are 60 years of age or
more. Small taxpayers would be individual and HUF taxpayers whose gross total income, before
availing deductions under Chapter VIA, does not exceed Rupees ten lakh.
***
It means assessee carrying on business and profession and filing return in ITR-4 would not be considered small tax payers in the context of the above said notification even if his total income does not exceed Rs.10 lacs.
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