If you are a Senior Citizen (meaning taxpayers who are 60 years or more) and small tax payers (meaning individuals and HUF whose gross total income does not exceed 10 lacs), be happy ! You will not be subjected to IT scruitiny unless the IT department is in possession of creditable information.
Then, what is creditable information, let us pray, the Department will have some guidelines for it !
Press Release is given below:
PRESS RELEASE [NO. 402/92/2006-MC (07 OF 2011)], DATED 14-3-2011
Scrutiny of income-tax returns is an important mechanism for ensuring taxpayer compliance and to counter tax-evasion. However, it has evoked some concern from small taxpayers and senior citizens about prolonged enquiries. Concerns have also been raised about selection of the same cases in scrutiny year after year.
Appreciating the concern of these taxpayers and with a view to mitigate their hardships, Central Board of Direct Taxes has reviewed its scrutiny selection procedure. In order to redress the grievance, it has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information.
Senior citizens for this purpose would be individual taxpayers who are 60 years of age or more. Small taxpayers would be individual and HUF taxpayers whose gross total income, before availing deductions under Chapter VI-A, does not exceed Rupees ten lakh.
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JAMESKUTTY ANTONY FCA, CISAChartered Accountant
37/357 | First Floor | Muttathil Lane | Kadavanthra | Cochin - 682 020 |
India
Ph: (0484) 402 4545 | 220 7163 | Cell: 0 98460 55122
www.financeandtax.blogspot.com
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