Financial Daily from THE HINDU group of publications
Sunday, Oct 16, 2005
Financial Daily from THE HINDU group of publications Sunday, Oct 16, 2005 |
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Investment World
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Income Tax Columns - Tax Talk Assessing the AO T. Banusekar
I AM a civil contractor and I have offered 12 per cent of my gross receipts as the income of such business. This I have offered under Section 44AD of the Act. The Assessing Officer has selected this case for scrutiny by issue of a notice under Section 143(2). Is the action of the Assessing Officer valid? J. T. Chinoy Reply It is assumed that your gross receipts do not exceed Rs 40 lakh since Section 44AD will only apply to a person who is engaged in the civil construction business and whose gross receipts paid or payable does not exceed Rs 40 lakh. Even in such a case where your gross receipts do not exceed Rs 40 lakh, there is no infirmity in the Assessing Officer selecting your case for scrutiny. It may, however, be mentioned that his scrutiny will be limited to the extent of seeing whether your gross receipts have been correctly reflected by you.
Mail your queries to taxtalk@thehindu.co.in or by post to Tax Talk', Business Line, Kasturi Buildings, 859, Anna Salai, Chennai-600002.
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