Notice received u/s 142 (1)
This query is : Open
15 March 2009
Hi,
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.
Thanks
Altaf
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.
Thanks
Altaf
15 March 2009
Hi Altaf,
THis notice pertains to assessment under section 143(3)..do note there is a time limit for notice under this section,,if u r sayin tht it is for FY 2005-06 and if u have received it now then its time barred.
Furthemore, this notice means tht they r asking u to file ur IT return for FY 2005-06 or if u have already filed submit it again t them and meet them to satisfy there doubts regarding the income mentioned therein.
U can file the ITR now only if ur assessment starts and AO accepts it but he may levy penalty for not filing ROI on time u/s 139(1)
THis notice pertains to assessment under section 143(3)..do note there is a time limit for notice under this section,,if u r sayin tht it is for FY 2005-06 and if u have received it now then its time barred.
Furthemore, this notice means tht they r asking u to file ur IT return for FY 2005-06 or if u have already filed submit it again t them and meet them to satisfy there doubts regarding the income mentioned therein.
U can file the ITR now only if ur assessment starts and AO accepts it but he may levy penalty for not filing ROI on time u/s 139(1)
15 March 2009
Section 142(1) has two limbs viz;
1) Notice for filing return of income in those cases return has not been filed.
2) Notice for enquiry in those cases assessee has furnished return u/s 139(1) requring to produce accounts and documents in support of the return.
1) Notice for filing return of income in those cases return has not been filed.
2) Notice for enquiry in those cases assessee has furnished return u/s 139(1) requring to produce accounts and documents in support of the return.
15 March 2009
I agree with Shipra. Notice should have been time barred.
15 March 2009
Thanks for your quick reply.
Actually I do not have the acknowlegdment copy of IT Returns due to which I feel I have missed out filing for that year.
Notice is issued on 26th Feb 2009 u/s 142 (1) for f.y. 2005-06, is it time barred.
Secondly, i heard that returns can be filed till for only last 2 years. So how can I file the return for Fy 2005-06 if i haver not filed before.
Actually I do not have the acknowlegdment copy of IT Returns due to which I feel I have missed out filing for that year.
Notice is issued on 26th Feb 2009 u/s 142 (1) for f.y. 2005-06, is it time barred.
Secondly, i heard that returns can be filed till for only last 2 years. So how can I file the return for Fy 2005-06 if i haver not filed before.
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/-)
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/-)
15 March 2009
Dear Shahzad, the year in question is FY 2005-06. Your answers are wrt FY 2006-07.
Notice is time barred for FY 2005-06.
Notice is time barred for FY 2005-06.
15 March 2009
Hi,
Please clarify i am confused, notice is time barred or not.
FY is 2005-06, AY is 2006-07.
Thanks
Altaf
Please clarify i am confused, notice is time barred or not.
FY is 2005-06, AY is 2006-07.
Thanks
Altaf
16 March 2009
1. Go to income tax site enter your pan number and confirm whether you have filed return or not
2. Please read section 142(1) as follows
Issue of notice to the assessee [Sec. 142(1)]
For the purpose of making assessment, the Assessing Officer may serve a notice on any person -
• who has submitted a return u/s 139 or u/s 115WD; or
• in whose case the time allowed u/s 139(1) for furnishing the return has expired.
Such notice may relate to any of the following matter -
1. Notice to submit a return [Sec. 142(1)(i)]: If the assessee has not submitted a return of income within the time allowed u/s 139(1), the Assessing Officer may require him to submit a return in the prescribed form on or before the date specified in the notice.
2. Notice to produce accounts, documents etc. [Sec. 142(1)(ii)]:. However Assessing Officer shall not require the production of any accounts pertaining to a period more than 3 years prior to the previous year. i.e. in your case from 2002-03 to 2005-06.
3. Notice to furnish information [Sec. 142(1)(iii)]: Assessing Officer may require the assessee to furnish in writing information in such form and on such points or matters as he may require (including a statement of all assets and liabilities of the assessee, whether included in the accounts or not). However, prior approval of the Joint Commissioner shall be obtained before requiring the assessee to furnish a statement of all assets and liabilities not included in the accounts.
NO you can file return for a previous year
If an assessee fails to file return within the time limit allowed u/s 139(1) or within the time allowed under a notice issued u/s 142(1), he can file a belated return.
Time limit: Assessee may file such return -
• ; or
• before the completion of assessment (u/s 144),
- whichever is earlier.
So since in your case
Previous year for which return not filed 2005-06
Its assessment year 2006-07i.e. from 1/4/06 to 31/3/07
you can file return for 2005-06 up to 31/3/08 (i. e. within one year from the end of relevant assessment yea.)
2. Please read section 142(1) as follows
Issue of notice to the assessee [Sec. 142(1)]
For the purpose of making assessment, the Assessing Officer may serve a notice on any person -
• who has submitted a return u/s 139 or u/s 115WD; or
• in whose case the time allowed u/s 139(1) for furnishing the return has expired.
Such notice may relate to any of the following matter -
1. Notice to submit a return [Sec. 142(1)(i)]: If the assessee has not submitted a return of income within the time allowed u/s 139(1), the Assessing Officer may require him to submit a return in the prescribed form on or before the date specified in the notice.
2. Notice to produce accounts, documents etc. [Sec. 142(1)(ii)]:. However Assessing Officer shall not require the production of any accounts pertaining to a period more than 3 years prior to the previous year. i.e. in your case from 2002-03 to 2005-06.
3. Notice to furnish information [Sec. 142(1)(iii)]: Assessing Officer may require the assessee to furnish in writing information in such form and on such points or matters as he may require (including a statement of all assets and liabilities of the assessee, whether included in the accounts or not). However, prior approval of the Joint Commissioner shall be obtained before requiring the assessee to furnish a statement of all assets and liabilities not included in the accounts.
NO you can file return for a previous year
If an assessee fails to file return within the time limit allowed u/s 139(1) or within the time allowed under a notice issued u/s 142(1), he can file a belated return.
Time limit: Assessee may file such return -
• ; or
• before the completion of assessment (u/s 144),
- whichever is earlier.
So since in your case
Previous year for which return not filed 2005-06
Its assessment year 2006-07i.e. from 1/4/06 to 31/3/07
you can file return for 2005-06 up to 31/3/08 (i. e. within one year from the end of relevant assessment yea.)
16 March 2009
How do find from my pan whether I have filed my income tax returns from the Income Tax site.
Please provide the procesdure.
Please provide the procesdure.
16 March 2009
How do find from my pan whether I have filed my income tax returns from the Income Tax website.
Please provide the procedure.
Please provide the procedure.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Form 26QB for TDS on property
- Offsetting interest income against derivative trading losses
- DTCP approval
- Whether still royalty
- Payable outstanding for years disallowance
- RCM - commercial rent paid to URP under GST
- Input credit reversal for the FY2023-24
- Regarding Form 15CA & CB
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
