The time limit of notice under Section 143(2) has been changed in the Finance Bill, 2008-09. It says that "notice onder ~on 143(2) shall be served on the assessee within six months from the end of the financial year in which the return is furnished". Is this applicable for retorn of accoonting year 2006-07?
-Anuj Rajvanshi, e-mail Notice under Section 143(2) of the Income Tax Act, 1961, can be served on the assessee within six months from the end ofthe financial year in which the return is furnished. This time limit is applicable from I April 2008. Up to 31 March 2008, such notice can be served before the expiry of 12 months from the end of the month in which the return was furnished.
Section 139(4) says if return is not furnished within the time allowed under Section 139 (1) or within the time allowed under notice issued under Section 142(2), the person may, before the assessment is made, furnish the return of any previous year at any time before the end of one year from the end of relevant assessment year.
If return of 2006-07 is not furnished before the due date, then it can be furnished till 31 March of2009 under Section 139(4). If return of 2006-07 is furnished before or on the due date of filing of return, then the notice under Section 143(2) can be served before the expire of 12 months from the end ofthe month in which return was furnished.
If return of 2006-07 is furnished after 31 March 2008, then notice under Section 143(2) can be served on the assessee within six months from the end of the fmancial year in which return is furnished.
-Anuj Rajvanshi, e-mail Notice under Section 143(2) of the Income Tax Act, 1961, can be served on the assessee within six months from the end ofthe financial year in which the return is furnished. This time limit is applicable from I April 2008. Up to 31 March 2008, such notice can be served before the expiry of 12 months from the end of the month in which the return was furnished.
Section 139(4) says if return is not furnished within the time allowed under Section 139 (1) or within the time allowed under notice issued under Section 142(2), the person may, before the assessment is made, furnish the return of any previous year at any time before the end of one year from the end of relevant assessment year.
If return of 2006-07 is not furnished before the due date, then it can be furnished till 31 March of2009 under Section 139(4). If return of 2006-07 is furnished before or on the due date of filing of return, then the notice under Section 143(2) can be served before the expire of 12 months from the end ofthe month in which return was furnished.
If return of 2006-07 is furnished after 31 March 2008, then notice under Section 143(2) can be served on the assessee within six months from the end of the fmancial year in which return is furnished.
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