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Q. > Please Help: RE-ASSESSMENT UNDER INCOME TAX ACT
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
answered Feb 12, 2012 by Mrattunjay , New Delhi
Please share full facts for reply from our side, without full fact answer will not be correct
answered Mar 12, 2012 by Ketan Samdani , V V Nagar
Please provide complete facts of case.
answered Jun 12, 2013 by Vikash Kumar Jha , Cuttack
If this different is in the nature of concealment income than you will have to pay tax on that.
answered Oct 01, 2013 by Vaneet Gupta , Delhi
Pls specify
Experts Panelist
Comments
Deo nandan jha
18-May-2011 , 01:02:51 amFirst 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 amYES , 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.
GYANARANJAN PANIGRAHI
21-May-2011 , 05:03:20 amCheck Rs.1.90cr including tds or excluding tds. Gross up the total income. A.O can levy tax on the differential income.