Skip to main content

Income Tax Department- Hitting Points (Scrutiny- A.Y 2013-14)

Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income

1. Annual Information Return(AIR)
AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account
AIR-002: Paid Rs. 2,00,000/- or more against credit card bills
AIR-003: Investment of Rs. 2,00,000 or more in Mutual Fund
AIR-004: Investment of Rs. 5,00,000/- or more in Bonds or Debenture
AIR-005: Investment of Rs. 1,00,000/- or more for acquiring shares
AIR-006: Purchase of Immovable Property valued at Rs. 30,00,000/- or more.
AIR-007: Investment in RBI Bond of Rs. 5,00,000/- or more

2. Central Information Branch (CIB)
CIB- 94: Sale of Motor Vehicle
CIB-151: Transfer of immovable property
CIB-154: Transfer of capital assets where value declared for the purpose of stamp duty is more than sale value
CIB-157: Purchase of Immovable property valued at Rs. 5 lakhs or more
CIB-183: Time deposit of Rs 1,00,000/-
CIB-185: Purchase of Bank Draft of more than Rs. 50,000/- in cash
CIB 321: Share Transactions more than Rs. 20,000/-
CIB-403: Investment in Fixed Deposit/Time Deposit exceeding Rs. 2,00,000/-
CIB-406: Payment made against Credit Card more than Rs 2,00,000/-
CIB-410: Cash deposit aggregating of Rs 200000 on a day
CIB-502: Contract of Rs. 10,00,000/-or more in the Commodities Exchange
CIB-514: Interest paid by co operative credit Society
CIB: Payment in connection with foreign travel amount exceeding Rs. 1,00,000/- at one time
CIB: Payment to Hotel and Restaurants exceeding Rs. 1,00,000/- at one time

3. TDS return
TDS-94A: TDS Return – Interest other than interest on security (section 194A)
TDS-92B: TDS Return – Salary to Employees (section 192)

4. Service Tax ReturnEXC-002: Turnover from services reported in Service Tax Return

5. Stock Broker
STT-01: Purchase of equity share in a recognised stock exchange
STT-02: Sale of equity Share (settled by actual delivery or transfer) in a recognised stock exchange
STT-03: Sale of equity Share (settled by otherwise than by the actual delivery or transfer) in a recognised stock exchange
STT-04: Sale of option in securities (derivative) in a recognised stock exchange
STT-05: Sale of Futures (derivative) in a recognised stock exchange

Comments

  1. Blogger12 September 2018 at 17:39

    eToro is the ultimate forex trading platform for new and pro traders.

    ReplyDelete
  2. sudalai31 August 2020 at 22:09

    synmac tax consultant in Delhi
    doing company registration in Delhi,GST registration in Delhi,Tax consultant in Delhi...
    if you have any requirement GST,ITR
    click the below link...

    tax consultant in Delhi
    company register in Delhi
    GST register in Delhi
    tax consultant in Delhi

    ReplyDelete

Post a Comment

Popular posts from this blog

Blog # 26. Concept of Real Income under the Income Tax Act, 1961

  What is Income ? Before understanding the concept of Real Income, it shall be important to go through the the term “Income” and “Real”. Income is defined under S.2(24) of the Income Tax Act, 1961(Hereinafter referred as “the Act”). The definition as provided under the Act is an inclusive definition so as to cover up all the usual as well as unusual items, however it certainly does not define it in a way that we can be said it to be precise. The same can be understood by various Judge Made Laws. The first and the lead amongst them is a Privy Council Judgment in the case of Kamakshya Narain   Singh CIT 11 ITR 513 (PC)         Facts The assesse was a “Raja” gave mining lease and He received payments by way of royalty for coal mines leased out to various lessees. The case of the Assessee was that this royalty income received by the Assessee was nothing but the recoupment of the resources which shall be exhausted by the end of the lease and thus the same was not income bu
27 comments
Read more

Reference to TPO- Law & Important Judgements

Sec 92CA provides that the Assessing Officer (“AO”) may make reference to Transfer Pricing officer (“TPO”) for computation of arm's length price (ALP) of international transaction entered into by assessee if the AO considers necessary and expedient to do so with prior approval of Principal Commissioner or Commissioner. Further, CBDT instruction No. 3/ 2003 made it mandatory for AO to make such reference if the value of international transactions exceeded Rs. 5 crores. Transfer pricing arena has seen many disputes revolving around making reference to TPO and powers/duties of AO and TPO around that. In a recent landmark decision in the case of Tata Consultancy Services Ltd., the Mumbai ITAT held that AO cannot make a reference to the TPO mechanically without applying his mind to the TP report or to any other material or information, despite CBDT Instruction No. 3/2003.The CBDT has recently revised CBDT Instruction No. 3/2003, by issuing  Instruction No. 15/2015 ,  which stated tha
Post a Comment
Read more

Discussion on purchases held Bogus

Introduction Bombay High Court in Mahalaxmi Cotton Ginning Pressing and Oil Industries v The State of Maharashtra & Others (2012) 51 VST 1 (Bom.) (HC) (SLP dismissed by the Supreme Court) dealing with set off under section 48(5) and 51(7) of the Maharashtra Value Added Tax Act, 2002. Issue before the court was when dealer collects the taxes and does not deposit it in the Government Treasury, can the purchased be entitled to set off of the said taxes. Validity of the provision was challenged. Upholding the validity of the provision the court held that .Section 48(5) uses the expression “actually paid” in to the Government treasury. The words “actually paid” must receive their ordinary and natural meaning. There is no reason for the court to depart from the plain and ordinary meaning of these words when used in the context of section 48(5). To accept the contention that “actually paid…in the Government Treasury” should be read to mean the tax that ought t
Post a Comment
Read more