in connection with the assessment for the fy 2005-06

This query is : Resolved

sandeep (Querist)
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25 March 2009 hi i hv recd letter from Income tax for notice under section 142(1)of income tax act 1961 no wht to do with this

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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25 March 2009 u/s 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 -
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),
Notice to produce accounts, documents etc. [Sec. 142(1)(ii)]: The Assessing Officer may ask the assessee to produce such documents or accounts as he may require. (not pertaining to a period more than 3 years prior to the previous year. )
Notice to furnish information [Sec. 142(1)(iii)]: AO 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.Notice u/s 142(1)(i) can be served only if return has not been submitted where as notice u/s 142(1)(ii) & (iii) can be served whether return has been furnished or not.

Comply with all these formalities