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Quick Summary
Section 142 and 142A of the Income-tax Act deal with Giving notice to the assessee to submit returns, produce accounts, documents, etc. Making inquiries and giving the opportunity of being heard to the assessee Giving direction to the assessee to get their books of account audited Estima
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FAQ :
Section 142(1) allows the Assessing Officer to serve a notice to an assessee requiring them to furnish a return of income or the income of another person if they haven't filed within the allowed time.
An Assessing Officer can direct an audit if they have doubts about the complexity, volume, correctness, or multiplicity of transactions in the accounts, or due to the specialised nature of the business or the interests of revenue.
The expenses of and incidental to such an audit, including the accountant's remuneration, are paid by the Central Government.
No, there is no provision for an appeal against orders made under Section 142(2A) for the audit of accounts.
Under Section 142A, the Assessing Officer can refer cases to the Valuation Officer to estimate the value, including the fair market value, of any asset, property, or investment for the purpose of assessment or reassessment.
Non-compliance can lead to a best judgment assessment, a fine of Rs. 10,000 under Section 271(1)(b), rigorous imprisonment, or a search warrant under Section 132.
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