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TDS on Winnings from Lotteries and Horse Races

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TDS on Winnings from Lotteries and Horse Races

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Questions and Answers

Under what circumstances can an AO issue a notice to reopen a case for scrutiny?

If the assessee has requested a reassessment

If the AO has completed the scrutiny proceedings

If the AO has any reason to believe that income chargeable to tax has escaped assessment (correct)

If the tax authorities are in disagreement with the income disclosed in the return

What is the time period within which a notice must be served for reassessment?

One year from the relevant assessment year

Five years from the relevant assessment year

Ten years from the relevant assessment year

Three years from the relevant assessment year (correct)

What is the condition for issuing a notice after three years but within ten years?

The AO has completed the scrutiny proceedings

The AO possesses books of accounts or documents showing income chargeable to tax (correct)

The AO has received a complaint from the assessee

The AO has received information from an anonymous source

What is the minimum amount of income evidence required for issuing a notice after three years but within ten years?

Rs. 50 lakhs Signup and view all the answers

Who is authorized to issue a reassessment notice?

An Assistant Commissioner or Deputy Commissioner Signup and view all the answers

What is the consequence of not disclosing capital gains in the return?

The AO can reopen the assessment Signup and view all the answers

What is the purpose of serving a notice before an assessment or reassessment?

To ensure that the assessee is aware of the assessment or reassessment Signup and view all the answers

Can an AO issue a notice for reassessment if the assessee has requested it?

No, the AO cannot issue a notice for reassessment if the assessee has requested it Signup and view all the answers

What is the term used for the process of reopening a case for scrutiny?

Reassessment Signup and view all the answers

What happens if the AO receives information about a sale of land that the assessee had not disclosed in the return?