SEC :143(1) & (3)

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17 January 2010 P/Z EXPLAIN ME THE PROVISION OF ABOVE SEC IN DETAIL?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 January 2010 Sec.143(1) Assessing officer can complete the Assessment without passeing the regular assesment order. Assessment is completed based the return submitted by the assessee.As per this section Returns are processed 2 stages 1.Arithmetical and inconsistencies chekcing 2. Some percetage of Returns taken for Scrutiny

Based on this process an intimation prepared and sent to assessee. this intimation should be sent with in the one year from the end of the financial year in which the return is filed

Based on Scrutiny If The A.O Consider the assessee has understated the income or computed loss excess or tax not paid fully the notice shall be given to the assessee as per sec.143(2)this notice to produce the evidence and document for supporting his income or loss this notice shall be served with in the 6 months from the end of financial year in which the return is filed.Based on the evidence and document submitted by assessee The A.O. will issue the Assessment order for the income and tax payable or refundable to the assessee as per Sec.143(3)

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CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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17 January 2010 Agree with Shri Ramesh.

There are other criterias also to issue notice u/s 143(2) which the Income Tax Department considers year wise.

Now-a-days, Computer Assisted Scrutiny System is prevalent (CASS) which checks some criteria.

Randomly also some cases are selected for scrutiny.

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