Income Tax Assessment

This query is : Resolved

PRAVEEN KUMAR (Querist)
Follow

06 May 2009 Hi,
I wanna know that what is the time limit of assessment of a individual, firm, company etc.
like for f.y. 2008-09, after what time a individual or a firm or a company can know that there will be no notice etc can be issued by income tax department after a such date.
Please tell me.

Thanks
Praveen

taxindiaconnect

taxindiaconnect (Expert)
Follow

06 May 2009 For FY year 2008-09 the assessment year is 2009-10. A notice can be served on the assessee u/s 143(2) up to six month from the end of the assessment year. This for this FY the notice may be issued u/s 143(2) up to 30th September 2010 in all cases. However the cases may be taken up for fresh scrutiny u/s 147 and notice may be issued to assessee as follwing -

if already an assessment is made u/s 143(2) up four year from the close of assessmemt year if assessee has disclosed all the facts truly and diligently. If assessee has failed to dislosed all the material the up to six year from the end of assessment year.
I all the other cases up six years from the end of assessment year. Thus for FY 2008-09 the notice may be issued upto 31st march 2016 u/s 147/ 148.

Hope this clarifies your query

Message likes : 1 times

PRAVEEN KUMAR

PRAVEEN KUMAR (Querist)
Follow

06 May 2009 Thank you very much for your kind reply.
Thanks

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

divakar podaturu

SHRI HARIRAO

Dalbir Singh Wadhera

Rajesh Surapaneni

Sandeep Ranjan

Subscribe Now

Income Tax Assessment

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Article Assistant

Manager- Finance and Compliance

Accountant

GST CONSULTANT

CA Final