22 May 2016
I do not file returns as my income is below taxable limits.A month back I recd notice under sec 148.and now I have recived notice under sec 142(1). for fy 2010-2011.Pl guide me to understand this and what I should do to close the matter. Regards
22 May 2016
Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment.
The issue of a notice under section 148 of the Income-tax Act, (‘the Act’) calling upon the Taxpayer to file a return of income for the year specified in the notice is the starting point of the Re-assessment (Re-audit) proceedings.
A Re-assessment proceeding – also referred as “re-opening” of the assessment – is initiated by the “assessing officer” when he has “reasons to believe” that income of a Taxpayer has “escaped” assessment for any year.
A notice can be issued even if a Return has already been filed for the year and the same has also been scrutinized / audited. However, the notice has to be in accordance with the parameters laid down under the law –within the prescribed time-limit and supported by ‘valid reasons’.
Abhishek Ranjan Singh ARS Solutions www.arssolutions.co.in +919022838615
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