The Ministry of Finance, Government of India, has recently issued comprehensive guidelines through the Central Board of Direct Taxes ( CBDT ) for the compulsory selection of returns for complete scrutiny during the Financial Year 2024-25.
These guidelines, outlined in a document dated May 3, 2024, are designed to ensure effective tax administration and compliance, streamlining assessment procedures.
The guidelines specify various parameters and procedures for the compulsory selection of returns for complete scrutiny.
Some of the key parameters and their associated procedures include:
1. Cases Pertaining to Survey under Section 133A of the Income-tax Act, 1961: Cases resulting from surveys under Section 133A leading to the detection of specific information pointing to tax evasion will be selected for compulsory scrutiny with administrative approval.
2. Cases Pertaining to Search and Seizure: Assessments in search and seizure cases conducted before and after April 1, 2021, will be selected for scrutiny with administrative approval.
3. Cases with Issued Notices under Section 142(1) and 148: Cases where no return has been furnished in response to notices under Section 142(1) and cases where notices under Section 148 have been issued will be scrutinized.
4. Cases Related to Specific Information on Tax Evasion: Cases with specific information on tax evasion provided by law-enforcement agencies, where the return has been furnished, will be scrutinized.
The guidelines also outline specific timelines for actions for completing assessments and serving notices.
– Cases selected for actions under specific parameters must be transferred for actions related to faceless assessments by specific dates.
– Notices under Section 143(2) of the Act must be served within prescribed timelines.
The document further clarifies procedures related to cases selected for compulsory scrutiny by International Taxation and Central Circle charges, as well as cases related to non-search issues under Section 127 of the IT Act, 1961.
They are to be communicated and complied with by all concerned parties within the taxation ecosystem.
For more detailed information and specific instructions, stakeholders are encouraged to refer to the official document issued by the Ministry of Finance and the CBDT attached below.
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