Prajna Capital - An Investment Guide

Under Tax Scrutiny Proceedings, Notice Has To Be Issued Within A Certain Period; It Cannot Be Issued To The Tax Payer After Expiry Of Twelve Months From The End Of The Month In Which Return Of Income Was Filed THE income tax authorities for various reasons may issue a tax enquiry notice. Sometimes you may also receive a notice despite filing your returns. Issue of notice where a tax return has not been filed: Salaried employees are required to have their returns filed by July 31, each year for the income earned by them during the previous financial year. To illustrate: For the financial year April 1, 2006 up to March 31, 2007, the tax return was due by July 31, 2007. In case no return of income has been filed but the tax officer feels that a return should have been filed, he or she may issue a notice under Section 142(1) of the Income Tax Act requiring such person to file a return of income within the specified time. Tax notice where a tax return has been filed: It is possible to get ...