Section 142(1)

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50 Points Posted on 06 March 2021

Dear experts, is.it possible to issue notice under 142(1) after 10 years for non filing of itr...or can it be time barred

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On 06 March 2021 at 23:59 Report
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This discussion explores the possibility of issuing a notice under Section 142(1) of the Income Tax Act after a decade for non-filing of an Income Tax Return (ITR). While it's confirmed that such a notice can indeed be issued, a key concern is raised regarding the retention of supporting documents for over 7 years. The advice given is to present accounts only for the years for which documents are still available.

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Chartered Accountant
24588 Points Posted on 07 March 2021
Yes it is possible
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On 07 March 2021 at 06:11
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50 Points Posted on 07 March 2021

Thanks for reply. Here one query as per income tax rules we have to keep our documents only till 7 years back, now how to show proof of 10 years old...

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On 07 March 2021 at 09:21
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Chartered Accountant
24588 Points Posted on 07 March 2021
You should show such accounts upto that year which you have reserved
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On 07 March 2021 at 11:54

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