Should Return Necessarily Be Processed Even When 143(2) Notice Issued?

Central Board of Direct Taxes in its Circular No. 549 dated October, 31, 1989 [see (1990) 182 ITR St. 1] has advised the Assessing Officers to issue intimation under Section 143(1) before issuance of notice under Section 143(2) of the Act
However,the question “whether the return should necessarily be processed u/s 143(1) even when [...]

Can Any Deduction orExpense Be Claimed Partially in One Year and Balance in Next Year?

My wife is a salaried person and her yearly income is Rs 1,70,000/- .Loss from house property is Rs 80,000/-. May I deduct only Rs 20,000 towards loss from house property and carry forward the loss of Rs 60,000/- for next financial year? or do I have to reduce the full amount of Rs 80,000 [...]

What Additional Books Required To Be Maintained By Medical Professionals ?

hi, myself and my wife both are dentist. I was in academic job and part time consultancy for last two year for which I had filled returns. job lasted till Nov’08. now i had taken a running clinic with all its setup on flat rental/month from month of Oct-Nov. rental agreement is in name of [...]

What Should You Do On Receipt Of Reassessment Notice?

Can assessing officer issue notice u/s 148 on the basis of report of investigation wing. Is reassessment u/s 147 valid despite the fact he has given the reasons of opening case that investigation department has carried out investigation and found that assessee had escaped income. I think in this case assessing officer has no personal [...]

What Is The Date Of Payment-the day you present cheque or the day cheque is honoured?

Which date will be taken as deposit of ESI and/or EPF , the day when cheque is been deposited in bank for this purpose or the date it got cleared. suppose on 15th June ,I deposited EPF through Cheque which got cleared on 20th June. Then as per IT Act what would be the date [...]

Can A.O Force You To Give Balance Sheet For Six Years In Tax Scrutiny Proceedings ?

My A.Y.06-07 case is in scrutiny.I am not filing balance sheet as I am not requiered to do so as there is no personal business or profession.I am tax payer since more than 15 years.ITO is asking for 6 years Balance sheet with justification of opening balances.Am I requiered to file Balance sheets?If yes,how do [...]

Can A.O Reopen The Dropped Case Of Reassessment Proceeding?

The ITO started reassessment proceedings against me for the AY 2004-05, in May 2006 in a property related matter. After a few months the case was dropped by the ITO. I was informed only in February 2008. The ITO then started reassessment proceedings for the AY 2001-02 and passed an adverse order against me. I [...]

What is The Date After Which Your Return Can Not Be Selected For Scrutiny ?

Budget 2008 -Fine Prints
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As on today, when A.O selects your case for scrutiny , a notice u/s 143(2) is served on you . This notice must be served within twelve months from end of month of filing of your return. So let us say , for Asst Yr 2007-08, you filed [...]

What Are Powers Of A.O u/s 142(1) & 143(2)?

I have the following queries?1. Is there a time limit for issuing notice u/s 142 (1) ?2. Can a notice u/s 142(1) be issued after a notice under 143(2) has been issued? If, yes what is the rational behind issuing such notice as powers under 143(2) are much wider than 142(1). Ajay Varma
I presume you [...]

Is There Time Limit For Issuing Notice For Search Assessment?

A search was conducted on some person in 2002. during search certain papers belonging to me were also found. However till 2006 no notice was issued to me. In 2006, deptt has issued me a notice for block assessment. First of all block assessment has been abolished from 2003. But I feel that situation is [...]

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