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income tax itr4

10 May 2018

can anyone plz explain that what is the logic behind demanding the financial particulars( like cash debtor creditor stock) in itr by income tax department?
what cross verification they can do with these particulars?

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171271 Points)
Replied 11 May 2018

Sometimes it helps to verify/confirm balances of your creditors & debtors, whenever their case is under scrutiny.

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ANKIT KUMAR (60 Points)
Replied 11 May 2018

means except scrutiny there is no relevance????

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171271 Points)
Replied 11 May 2018

Department wishes to keep such data (easy to store in digital form), so whenever it is required for cross verification, it can be handy (without modification !!)