As a part of e-governance initiative to facilitate compliance, a taxpayer friendly measure in the form of a scheme for E assessment through e-mail has been introduced in seven cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai. Income tax department has already started seeking consent for use of …Read More »
Information asked by the Income Tax Officer in case of salaried employees having overseas Income.
I have written many articles on scrutiny assessment by Income tax department. This year I had the opportunity of appearing for scrutiny assessment of salaried employees who had worked for 8 months in India and re-located to USA on employment during the Financial Year 2012-13. These employees, by virtue of …Read More »
Income Tax Scrutiny Criteria for Financial Year 2015-16
In our earlier article Does the Income Tax Officer have the discretionary powers to take up scrutiny of IT returns? we have explained power of Income Tax Officer in selection of cases for income tax scrutiny. Income tax department is selecting cases for scrutiny under “Limited Scrutiny selected under Computer Aided Scrutiny …Read More »
Does the Income Tax Officer have the discretionary powers to take up scrutiny of IT returns?
‘How come I received an income tax notice this year? I have been filing my returns for the last 10 years. So far, I didn’t get any notices. Has someone has tipped the department to take up my case for scrutiny?” are the questions asked to us by one of …Read More »
Is rent paid to wife eligible for HRA exemption?
Husband and wife are expected to live in the same house and if one is paying rent to the other; it may sound odd, isn’t it? What would be the reason for such payment? Maybe tax planning, reduce the tax outputs! Will such exemptions, if claimed by the taxpayer, be …Read More »
Can Income Tax department issue refunds pending scrutiny assessments
Gone are the days when IT refunds used to take years to come. For the returns filed Financial Year ending March 2014, the department is already issuing refund orders. Many of our clients have received refunds this year. But some of the (unfortunate) tax payers have to wait for …Read More »
Information sought by ITO during scrutiny assessment u/s 142(1)
In our earlier article Selection of Income Tax returns for scrutiny during the Financial Year 2014-15, we had mentioned basis of selection of income tax scrutiny. In the article we have mentioned that one of the methods of selection of scrutiny is Computer Aided Scrutiny Selection (CASS). In our …Read More »