I have received a notice u/s 142 (1) to prepare a true & correct returns fof F.Y. 2005-06 & to submit the same to the ITO before a particular date & to be also present on that date in his office.
I want to know what the notice pertain to & what documents should I carry when I go for the hearing.
Please also let me know if I have not filed my returns for F.Y. 2005-06 as I cannot find the acknowledgment copy then what are the consequences of the same. Can I file it now or what is the alternative.
15 March 2009
1) Notice u/s 142(1) is issued when Assessee has not filed the Return within Time prescribed u/s 139(1) or before end of relevant AY. You got Notice under this section, which mean that you have not filed the Return so no Question of getting Aknowledgement 2)Notice is a Valid, because Section permit the AO to issue the Notice even after relevant AY. 3)As per Sec. 139(4) belated Return can be filed upto end of Relevant AY i-e upto 31/03/2009 4) You have time to file belated Return upto 31/03/2009 otherwise Penalty u/s 271F will levy (Rs.5000/-)
CAclubindia
