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Questions and Answers
Under what circumstances can an AO issue a notice to reopen a case for scrutiny?
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?
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?
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?
What is the minimum amount of income evidence required for issuing a notice after three years but within ten years?
Who is authorized to issue a reassessment notice?
Who is authorized to issue a reassessment notice?
What is the consequence of not disclosing capital gains in the return?
What is the consequence of not disclosing capital gains in the return?
What is the purpose of serving a notice before an assessment or reassessment?
What is the purpose of serving a notice before an assessment or reassessment?
Can an AO issue a notice for reassessment if the assessee has requested it?
Can an AO 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?
What is the term used for the process of reopening a case for scrutiny?
What happens if the AO receives information about a sale of land that the assessee had not disclosed in the return?
What happens if the AO receives information about a sale of land that the assessee had not disclosed in the return?
