10 Questions
Under what circumstances can an AO issue a notice to reopen a case for scrutiny?
If the AO has any reason to believe that income chargeable to tax has escaped assessment
What is the time period within which a notice must be served for reassessment?
Three years from the relevant assessment year
What is the condition for issuing a notice after three years but within ten years?
The AO possesses books of accounts or documents showing income chargeable to tax
What is the minimum amount of income evidence required for issuing a notice after three years but within ten years?
Rs. 50 lakhs
Who is authorized to issue a reassessment notice?
An Assistant Commissioner or Deputy Commissioner
What is the consequence of not disclosing capital gains in the return?
The AO can reopen the assessment
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
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
What is the term used for the process of reopening a case for scrutiny?
Reassessment
What happens if the AO receives information about a sale of land that the assessee had not disclosed in the return?
The AO can reopen the assessment
Test your knowledge on Tax Deduction at Source (TDS) provisions related to winnings from lotteries, crossword puzzles, and horse races. Understand who is the payer and recipient, and what are the payment details and tax rates.
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