Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: articles on VAT and GST in India
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

Tax scrutiny norms issued
September, 02nd 2015

The Central Board of Direct Taxes (CBDT) recently issued instructions to its tax officials for selecting income tax (I-T) cases for manual scrutiny for the current financial year 2015-16.

However, there appears to be no significant change in the selection norms as compared to those issued for the previous year.

Cases where I-T officials have in the course of an earlier assessment made additions to the income declared by a taxpayer in excess of Rs 10 lakh (Rs 10 crore for transfer pricing cases) will continue to be selected for manual scrutiny. "Cases will be picked up for manual scrutiny, where the addition to income in an earlier year's assessment, was made on a 'substantial and recurring question of law' which is either confirmed in appeal or where the appeal is pending," add the instructions.

Manual scrutiny is a regular feature carried out in selective cases to ascertain whether the taxpayer has declared his income correctly in his I-T returns and has paid the taxes due. I-T returns for the year ended March 31, 2015, are filed by taxpayers in the current financial year, which commences from April 1. For instance, salaried employees had to file their I-T returns for the year ended March 31, 2015, by August 31.

While the I-T Act does not define what is 'substantial and recurring question of law or fact', the matters that could come under manual scrutiny may cover those where additions to income were made earlier against a wide range of disputed issues such as tax deduction at source or eligibility of expenses claimed by a taxpayer.

In addition, all cases relating to survey, search and seizure and reassessment will also be covered by manual scrutiny. The provision for selection of cases where information of tax evasion has been given by government authorities will cover only cases where such information of tax evasion is specific and verifiable. Mere suspicion will not trigger manual scrutiny assessment. Further, the assessing tax officer shall record reasons for selection of the case and take approval from higher officials such as the Chief Commissioner or Director General of Investigation before proceeding with the actual scrutiny.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions