The term commercial means a transaction which will attract tax liability. Many transactions are transacted day in and day out but not every transaction falls under the purview of Commercial Transaction.
A Commercial Transaction will always be a Commercial transaction irrespective of the fact that it has been subsequently altered.
Some basic examples of a commercial transaction are sales, purchase etc. In case of a sale one buyer will purchase the product that is being sold by a seller and this fact to bring in the eyes of the government the seller is bound to issue a Tax Invoice with all the necessary particulars mentioned on it like Pan number etc which marks the sale an authentic one.
All such transactions summed up together will form the base of the return i.e. submitted to the government.
Government then scrutinizes the return submitted based on various factors and if it finds everything to be in order and proper will accept the return i.e. to say the commercial transactions but if they find that something is manufactured or tampered or altered or falsified in any manner then they will issue notice to everyone involved in commercial transaction in order to get their queries or doubts answered. If the answers received are able to satisfy the Income tax officer then All will be Ok otherwise he will disregard the transactions in which he has reasonable doubt and will ask the tax payer to pay the applicable taxes . If the changes are accepted by the tax payer then No issues because he has to pay TAX on it as suggested by the Officer. In case of differences the matter is referred to higher authorities.
Vidhikarya – Legal Assistance
Many people are often hesitant to visit the Income Tax Offices and to personally visit the Income Tax Officers is way something more they can digest. The basic reason behind this is that they think themselves to end up in an awkward situation which will make them case more weak and it will detoriate further. Thus we will provide you with the comfort of visiting the officers and we also provide the representation services wherein the BEST effort is given to satisfy the officer so that a concrete solution is received for it. In case where the officer is not satisfied by the answers or explanations provided to him then we will take the matter to the higher authorities for dispute resolution so that the purpose of LAW is served.
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