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TMI BlogScrutiny Proceedings for A.Y : 2013:2014X X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir, I have received notice from income u/s 142(1) and they have asked for some details but due to our Auditing is going on we need some extension to submit the details to Income tax dept. Can you please provide letter format for the same. - Reply By Ganeshan Kalyani - The Reply = There is no standard format as such. You can write in your letter head address to the authority mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning you actual hurdle in providing the details sought by them. - Reply By Mahir S - The Reply = Yes sir, there is no any standard format for extension of time. However, you can attach evidence letter showing the reason for extension of time, You may also provide few records and take further time for submission of detailed reply and other records. Compliance with notice u/s 142 (1) is m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... andatory, even if the tax payer is of the opinion that the accounts/documents requested are irrelevant. If assessee do not comply with the provisions of this section: It may result in Best Judgement Assessment u/s 144, or Penalized under Sec 271 (1)(b) i.e. ₹ 10,000 for each failure, or Prosecution under Sec 276D which may extend upto 1 year with or without fine. I wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld advise you to give more importance to this notice rather than auditing which can be looked by your subordinates. - Scrutiny Proceedings for A.Y : 2013:2014 - Query Started By: - Sarfraz Khan Dated:- 20-10-2015 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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