Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Income tax

Shashikant (Accounts Executive) (65 Points)

13 August 2016

we are the co-operative hsg society,we got the notice on 22/7/15 from income tax regarding non filing of return of income for the Year 10-11,11-12 , 12 -13 and 13-14 provided details of income in notice Ie Rent and Interest income. unfortunelty i filed the return in u/s 148 for the Year 10-11,11-12, 12-13 I want to know what may be the consequence and action from Department as the as filed the return u/s 148 Reassessment as we should file the return u/s 142(1) of the Income tax act..

Please reply.....Thank u..

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177729 Points)
Replied 13 August 2016

Practically, there is no difference in scrutiny of your details filed with Department.

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 proceedings.

The section 143(2) and 142(1) are sections using which the assessing officer can send notices for assessing the income of the assesse in case he is not satisfied with the income details in the return filed

But in your case you had not filled return it self.

Main point is AO wants details regarding your taxability of Rent and Interest income.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Shashikant (Accounts Executive) (65 Points)
Replied 14 August 2016

Thank you for your reply. Sir,

But sir instead of filing u/s 142(1),filed u/s 148 i want to know sir.What may consequeces and action from dept.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177729 Points)
Replied 14 August 2016

Action from department would be almost same, to get satisfaction about the query. You will be called for all the details about the proofs/ documents and/or bank statements, with regards to the rental income and interest income which you had filled in the trturn, also as compared to the AIR report they have, and taxability over the same. AO may give you chance to rectify the mistake of section inter-changeability.

1 Like