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Personal Finance - Five probable reasons for income tax scrutiny
30-Nov-2015
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blog.jrmissworld.com
A sudden fall or a steep rise in the income of the assessee can be a probable cause of an
income tax scrutiny. One must preserve all documents to explain the legitimate source of the income.
Not filing income tax return for a particular year may be one of the reasons for a scrutiny.
Many assesses do not include their other income in the form of interest on deposits or rental
income while filing returns. Income falling under all heads must be disclosed.
High value transactions related to real estate purchase or sale, investments, credit card
transactions in a particular year could be a cause of a scrutiny.
If there is a mismatch in the TDS credit claimed in the return and TDS credit reflecting in the
income tax database in Form 26AS, it may call for scrutiny.
Source : The Economic Times
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