Qwery
This query is : Resolved
03 April 2012
Hi Friends What is the time limit to issue of 143(2) and 143(3) notices under income tax act
04 April 2012
1. Notice u/s 143(2) can be issued upto six months from the end of the financial year in which the return is filed.
So, if the return is filed on 31.07.2011, then the financial year ends on 31.03.2012. Accordingly, notice cannot be issued after 30.09.2012.
2. 143(3) is NOT for issue of notice. 143(3) is an ASSESSMENT ORDER.
An assessment order u/s 143(3) has to be passed within 21months from the end of the relevant assessment year.
Accordingly, in the above case the assessment order has to be passed by 31.12.2013.
So, if the return is filed on 31.07.2011, then the financial year ends on 31.03.2012. Accordingly, notice cannot be issued after 30.09.2012.
2. 143(3) is NOT for issue of notice. 143(3) is an ASSESSMENT ORDER.
An assessment order u/s 143(3) has to be passed within 21months from the end of the relevant assessment year.
Accordingly, in the above case the assessment order has to be passed by 31.12.2013.
04 April 2012
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