Notice u/s 143(2) | Income tax notice u/s 143(2) | How to read Income tax notices?

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Where time limit for issue of notice u/s 143(2) is over In a case of AIR information with or without PAN, where the time for issuance of notice u/s 143(2) has expired, the jurisdictional or the designated Assessing Officers may consider issuance of notice u/s 148 as per law, after recording reasons therefor, if they have reasons to believe that income has escaped assessment. However, the initiation of proceedings u/s 148 should not be done in a routine manner, and should normally be resorted to only in cases where there is a sound basis for the same, and only after recording the reasons in an elaborate manner in each such case, mentioning the facts thereof, which should stand the test of law.
Monitoring
 
CCsIT shall closely monitor the progress of work and ensure security and confidentiality of the AIR information by following the need-to-know principle. The CsIT and Addl.CsIT/JCsIT shall closely monitor the action taken on such information. The jurisdictional Assessing Officer and the designated Assessing Officer shall maintain a register of action taken on AIR information in the format as per Annexure 4, which should be inspected every quarter by the Range head and the CIT concerned. Summary of the actionable points is enclosed as Annexure 2. The flow chart is enclosed as Annexure 3. 8. Dissemination This instruction should be immediately brought to the notice of all officers working in your Region for taking appropriate action.
Sd/-
Annexure 1
 
1. Investment in property is more than five times the gross receipts. Expression:
ITR 1: {Purchase of property (006 from AIR)}/{Gross Total Income (Column 3) + Agricultural Income (column 6) + Income Claimed exempt (Column 25) – Total taxes paid (Column 15 d)} > 5
ITR 2: {Purchase of property (006 from AIR)}/{Gross Total Income (Part B-TI 9) + Income Claimed exempt (Schedule EI 6) – Total taxes paid (Part B-TTI 9d)} > 5
ITR 3: {Purchase of property (006 from AIR)}/{Gross Total Income (Part B-TI 10) + Income Claimed exempt (Schedule EI 7) – Total taxes paid (Part B-TTI 9d)} > 5
ITR 4: {Purchase of property (006 from AIR)}/{Gross Total Income (Part B-TI 10) + Income Claimed exempt (Schedule EI 7) – Total taxes paid (Part B-TTI 11e)} > 5
2D: {Purchase of property (006 from AIR)}/{Gross Total Income Column 21 + Agricultural Income Column 24 + Income Claimed exempt Column 25 – Total taxes paid (column 33+34+36)} > 5
2. Cash flow Ratio i.e. ratio of incoming and outgoings is less than 0.67.
 
Expression:
{Gross Total Income + Income Claimed exempt/Agricultural Income}/{Expenditure + Savings + Investment + Tax Paid during the year including TDS + Advance Tax – Self Assessment Tax} <0.67
ITR 1: (Column 3+6+25)/{AIR (001+002+003+004+005+ (006*0.12 EMI for housing loan) +008) + Tax
computation 15d} <0.67
ITR 2: (Part B TI-9 + Schedule EI 6)/{Part B TTI- 9d + AIR (001+002+003+004+005+ (006*0.12 EMI for housing loan) + 008)} <0.67
ITR 3: (Part B TI-10 + Schedule EI 7)/{Part B TTI- 9d + AIR (001+002+003+004+005+ (006*0.12 EMI for housing loan) +008)} <0.67
ITR 4: (Part B TI-10 + Schedule EI 7)/{Part B TTI- 11e + AIR (001+002+003+004+005 +(006*0.12 EMI for housing loan) +008)} <0.67
2D: Column (21+24+25)/{Column (33+34+36) + AIR (001+002+003+004+005+ (006*0.12 EMI for housing loan) + 008)} <0.67
Constraint: a) Denominator to be more than Rs.2,00,000/-
b) Age as on 1st April of the A.Y. < 60 yrs
 
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1 Comment

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