Notice U/s 142 (1)

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Altaf (Querist)
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15 March 2009 Hi,

I have received a notice u/s 142 (1) to prepare a true & correct return & submit it to ITO on a date mentioned & attend hearing for the same.

I do not have the acknowlegdment copy of IT Returns due to which I feel I have missed out filing for that year. Is there any other way I can ascertain whether I had filed the return or not.

Notice is issued on 26th Feb 2009 u/s 142 (1) for f.y. 2005-06, is it time barred.

Secondly, i heard that returns can be filed till for only last 2 years. So can I file the return for Fy 2005-06 now if i haver not filed before.

What would be the penalty amount u/s 139 for late filing of returns

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 March 2009 Pl have a look at 271F for penalty.

CA.SHAHZAD SAYYED

CA.SHAHZAD SAYYED (Expert)
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15 March 2009 1) Notice u/s 142(1) is issued when Assessee has not filed the Return within Time prescribed u/s 139(1) or before end of relevant AY. You got Notice under this section, which mean that you have not filed the Return so no Question of getting Aknowledgement
2)Notice is a Valid, because Section permit the AO to issue the Notice even after relevant AY.
3)As per Sec. 139(4) belated Return can be filed upto end of Relevant AY i-e upto 31/03/2009
4) You have time to file belated Return upto 31/03/2009 otherwise Penalty u/s 271F will levy (Rs.5000/-)

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