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Frequently Asked Questions:
 
 Q. 1. For how many years are books of accounts required to be preserved?
Ans: Considering the authority of the Assessing officer for reassessment and his right to open the books for preceding years , books of ten preceding years are required to be maintained e.g. Books of accounts upto Assessment Year 1993-94 are required to be maintained upto Financial Year 2002-2003 i.e. 31.03.2003.  Assessment Year 1993-94 corresponds to Financial Year 1992-93 i.e. from 01.04.1992 to 31.03.1993.
   
 Q. 2. What is the time during which a Survey can be conducted u/s. 133-A?
Ans: Authorised  Income tax Officers  can enter for survey at the place of business or profession,only during business hours of that particular business/profession and at any other place only after sunrise and before sunset.

However, restriction is only for the commencement of Survey. Once having entered the premises they can continue the survey till its conclusion.

   
 Q. 3. Is the presence of a tax consultant or legal adviser  permitted during survey?
Ans: There is no specific bar in statute prohibiting the presence of tax consultant or legal adviser during course of survey.
   
 Q. 4. Can a duplicate TDS Certificate be issued?
Ans: Yes, It can be issued on plain paper giving necessary details as contained in TDS Certificate., however with a mark of Duplicate mentioned on it.
   
 Q. 5. What is the basic exemption limit for the purpose of Wealth tax?
Ans: The basic exemption limit for the purpose of Wealth Tax is Rs. 15 Lakhs.
   
 Q. 6. What are the general consequences of not filing IT return within due date?
Ans:

If return of income is not filed within the time limit prescribed:-

  1. Any business loss, speculation loss, capital loss or loss from activity of owning & maintaining race horses will not be allowed to be carried forward for setoff.
  2. Interest u/s 234A @1.25%p.m. for every month from the due date to the date of filing of return will be leviable on the net tax payable.
  3. A Belated return, i.e. a return not filed within the due date cannot be Revised later.
  4. If a return is not filed within the time allowed the same may be furnished at any time before the end of one year from the end of relevant assessment year.

For Example:
An Individual is required to file his return by 31st July 2002 he can still file a belated return upto March 2004. If the same period also lapses, them a penalty of Rs. 5000/- will additionally be imposed.
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