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Selection Criteria For Tax Returns To Be Thoroughly Examined

A tax return is one or more forms submitted to a taxing body that include earnings, outlays, and other crucial tax data. Tax returns give taxpayers the option to determine their tax liability, plan out their tax payments, or ask for refunds for any taxes they have paid in excess of what is required.<br>Know more: https://enterslice.com/income-tax-return-filing<br>

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Selection Criteria For Tax Returns To Be Thoroughly Examined

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  1. Guidelines for selection of tax returns for complete scrutiny

  2. Guidelines for selection of tax returns for complete scrutiny The Central Board of Direct Taxes has released guidelines for selecting returns and procedures for full scrutiny the FY 22-23. The department stated that this investigation will be conducted in matters where the information of any sort of tax evasion is received from any other council. Administrative approval of the Principal Commissioner/ Principal Director/ Commissioner / Director in some cases is required to select the cases for scrutiny. In matters of surveys and cases where charitable trusts have claimed exemptions without proper approval, must ensure valid approvals are made before transmission to the national faceless tax assessment centre (NFC) to hand in scrutiny notices. In order to check the authenticity of the claims, deductions etc., made by a taxpayer, an in- depth investigation will be performed by tax officials. The primary purpose of the comprehensive investigation is to ensure that the taxpayer has not deliberately understated the income, loss or underpaid the tax. Further, where a return is made because of notice based on SFT (Statement of Financial Transactions) information, such return will not be applicable for compulsory scrutiny.

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