Please Help: RE-ASSESSMENT UNDER INCOME TAX ACT

Posted Date : 17-May-2011 , 11:54:59 am | Posted By SANJEEV BHANDARI

My client's Gross receipts in P&L were Rs. 1.90 cr. but in form 16-A recd.these were Rs. 2.05 cr for A.Y 06-07. The case was selected for scrutiny, but the diff. in receipts was ignored by A.O. Now my client have recd. notice u/s 148 from other A.O dated

Category : Income Tax | Answers : 4 | Comments : 3 | Hits : 544

Answers

Answer By: Mrattunjay

Please share full facts for reply from our side, without full fact answer will not be correct

Answer By: Ketan Samdani

Please provide complete facts of case.

Answer By: Vikash Kumar Jha

If this different is in the nature of concealment income than you will have to pay tax on that.

Answer By: Vaneet Gupta

Pls specify

Comments

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Deo nandan jha

18-May-2011 , 01:02:51 am

First you have tell us In P&L Account have they taken gross receipt as net of TDS or it is Inclusive of TDS... Plz Reply ..than only i can answer your question

CA. SANAT PYNE

18-May-2011 , 06:38:27 am

YES , THIS IS NOTHING BUT CONCEALMENT OF INCOME. AND YOU HAVE TO PAY THE TAX ON BALANCE AMOUNT. IN PROFIT AND LOSS ACCOUNT YOU HAVE TO SHOW THE INCOME ON GROSS BASIS. I DONT KNOW , WHY THE LEARNED EXPERT HAS ASKED ABOUT INCLUSIVE OF TDS OR NET OF TDS. ONE THING YOU CAN CHECK. WHEATHER THE INCOME SHOWN IN FORM 16A IS CORRECT OR THEY HAVE SHOWN THE INCOME WRONGLY. IF THEY HAVE SHOWN THE WRONG FIGURE AND YOU HAVE NOT CLIAMED EXTRA TDS , THEN YOU CAN PRODUCE A CONFIRMATION FROM THAT PARTY SUPPORTING WITH YOUR BILL COPY.