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September 2008

Norms relaxed for the corporate tax returns : Internal instructions.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
Reading Time 1 mins
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Part A : DIRECT TAXES


62 Norms relaxed for the corporate tax
returns : Internal instructions.




  •  Scrutiny not to be undertaken for top 1000 companies, provided no disputes are
    pending against them.



  • If the Tax Department has not raised a demand for more than 10 lakhs over and
    above the taxes paid by the companies, then those companies’ cases would not
    be picked up for scrutiny.



  • In case the capital infused in the company is more than 50 lakhs, then the
    case may be picked up for scrutiny.



  • In case the company has filed for any tax exemption viz. S. 10A, S.
    80IC etc., then the return may be picked up for scrutiny.


 


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