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Income tax

Tax queries 583 views 6 replies

dear sir,

          i am really confused for sec 143(2) & 143(3) of income tax act. what is the purpose of each section ? my guess is 143(3) means securtiny assessment ( ask for books of accounts), 143(2) means ( return filled with out books), its corect or wrong? clearly my query.

 

Replies (6)

Section 143(2) deals with notice served by assessing officer for making scrutiny assessment under section 143(3). Notice u/s 143(2) is served on assessee requiring him produce evidence in support of his return. Based on evidence produced by the assessee, the assessing officer assesses the income of the assessee(Scrutiny assessment u/s 143(3)).

furnishing of return by assessee > notice u/s 143(2) > assessee produces evidence in support of his return > scrutiny assessment u/s 143(3)

Nice answer to the query.

therefore both sec( 143(2) & 143(3) are scurtiny assessment based on assesse filling the return.

its right ?

 

Hi, Srikumar

The reply given by CA. Vishal Gupta is perfect

Assessment is done u/s 143 (3) for which first notice is served u/s 143 (2) based on filling of return

Xactly for assessment u/s 143(3) (which can be done not later than 2 years frm the end of relevant AY) ,notice is issued u/s 143(2) which can be issued within 6 mnths frm the end if the FY in which return is furnished.

thank you above expets now i undrestanding the concept for both section

 


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