06 May 2009
Hi, I wanna know that what is the time limit of assessment of a individual, firm, company etc. like for f.y. 2008-09, after what time a individual or a firm or a company can know that there will be no notice etc can be issued by income tax department after a such date. Please tell me.
06 May 2009
For FY year 2008-09 the assessment year is 2009-10. A notice can be served on the assessee u/s 143(2) up to six month from the end of the assessment year. This for this FY the notice may be issued u/s 143(2) up to 30th September 2010 in all cases. However the cases may be taken up for fresh scrutiny u/s 147 and notice may be issued to assessee as follwing -
if already an assessment is made u/s 143(2) up four year from the close of assessmemt year if assessee has disclosed all the facts truly and diligently. If assessee has failed to dislosed all the material the up to six year from the end of assessment year. I all the other cases up six years from the end of assessment year. Thus for FY 2008-09 the notice may be issued upto 31st march 2016 u/s 147/ 148.
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