Income Tax Department- Hitting Points (Scrutiny- A.Y 2013-14)

Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income

1. Annual Information Return(AIR)

AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account

AIR-002: Paid Rs. 2,00,000/- or more against credit card bills

AIR-003: Investment of Rs. 2,00,000 or more in Mutual Fund

AIR-004: Investment of Rs. 5,00,000/- or more in Bonds or Debenture

AIR-005: Investment of Rs. 1,00,000/- or more for acquiring shares

AIR-006: Purchase of Immovable Property valued at Rs. 30,00,000/- or more.

AIR-007: Investment in RBI Bond of Rs. 5,00,000/- or more

2. Central Information Branch (CIB)

CIB- 94: Sale of Motor Vehicle

CIB-151: Transfer of immovable property

CIB-154: Transfer of capital assets where value declared for the purpose of stamp duty is more than sale value

CIB-157: Purchase of Immovable property valued at Rs. 5 lakhs or more

CIB-183: Time deposit of Rs 1,00,000/-

CIB-185: Purchase of Bank Draft of more than Rs. 50,000/- in cash

CIB 321: Share Transactions more than Rs. 20,000/-

CIB-403: Investment in Fixed Deposit/Time Deposit exceeding Rs. 2,00,000/-

CIB-406: Payment made against Credit Card more than Rs 2,00,000/-

CIB-410: Cash deposit aggregating of Rs 200000 on a day

CIB-502: Contract of Rs. 10,00,000/-or more in the Commodities Exchange

CIB-514: Interest paid by co operative credit Society

CIB: Payment in connection with foreign travel amount exceeding Rs. 1,00,000/- at one time

CIB: Payment to Hotel and Restaurants exceeding Rs. 1,00,000/- at one time

3. TDS return

TDS-94A: TDS Return – Interest other than interest on security (section 194A)

TDS-92B: TDS Return – Salary to Employees (section 192)

4. Service Tax ReturnEXC-002: Turnover from services reported in Service Tax Return

5. Stock Broker

STT-01: Purchase of equity share in a recognised stock exchange

STT-02: Sale of equity Share (settled by actual delivery or transfer) in a recognised stock exchange

STT-03: Sale of equity Share (settled by otherwise than by the actual delivery or transfer) in a recognised stock exchange

STT-04: Sale of option in securities (derivative) in a recognised stock exchange

STT-05: Sale of Futures (derivative) in a recognised stock exchange