Tax audit is a process. There are systematic steps and discipline involved. Tax audits can potentially affect anyone, including self-employed individuals and corporate entities. Though many business owners worry about potential audits, the audit procedure is most often not as stressful as popular culture makes it out to be. Not all returns selected for audit contain… Read More »
Rectification of mistake apparent on record under Income tax Act. (adsbygoogle = window.adsbygoogle || []).push({}); 154. (1) With a view to rectifying any mistake apparent from the record an income-tax authority referred to in section 116 may,— (a) amend any order passed by it under the provisions of this Act ; (b) amend any intimation or deemed… Read More »
Statement “Returns filed electronically are more prone to scrutiny” is wrong. Every year income tax department randomly pulls out the list of people to scrutinize. Also CBDT has laid down the criteria for selection of Income Tax Return for Scrutiny. There are equal chances of getting scrutinized even if you paper file your return. So, there… Read More »
If a person fails to deliver or caused to be delivered a statement within the time prescribed in section 200(3) or furnishes an incorrect statement, in respect of tax deducted at source on or after 1.07.2012, he shall be liable to pay, by way of penalty a sum which shall not be less than Rs. 10,000/- but which… Read More »
Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections section 272A (2) If any person commits a default specified in the table below, penalty may be imposed on him. Such person is liable to penalty @ Rs 100 for every day during which the failure continues. However, penalty shall… Read More »