Opening of assessment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2011
If a return is not selected for scrutiny u/s 143(2) and assessment is done u/s 143(1), what is the limit for the return being time barred for opening i.e. after how many years can the dept ask for scrutiny of the return?
CA PARAS BAFNA
(Expert)
01 August 2011
If you file any return today or during FY 2011-12, you can receive any notice U/s 143(2) up to 30-09-2012.
CA PARAS BAFNA
(Expert)
01 August 2011
At a later course of time
if the AO finds that income has escaped assessment, and such escaped income is less than Rs. 1.00 lac he can serve a notice U/s 148 within 4 years from the end of the relevant Assessment year. The period of 4 years can be extended upto 6 years where the income escaped exceeds Rs 1.00 Lac.
if the AO finds that income has escaped assessment, and such escaped income is less than Rs. 1.00 lac he can serve a notice U/s 148 within 4 years from the end of the relevant Assessment year. The period of 4 years can be extended upto 6 years where the income escaped exceeds Rs 1.00 Lac.
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