{"id":2389,"date":"2019-10-30T12:58:25","date_gmt":"2019-10-30T07:28:25","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2389"},"modified":"2019-10-30T12:58:25","modified_gmt":"2019-10-30T07:28:25","slug":"section-143-2-of-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/","title":{"rendered":"Section 143(2) of Income Tax Act, 1961:- How to Respond It\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/#What_is_Section_1432_-Diwali_celebration\" title=\"What is Section 143(2):-Diwali celebration\">What is Section 143(2):-Diwali celebration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/#Prerequisites_about_the_notice_sec_1432\" title=\"Prerequisites about the notice sec 143(2):-\">Prerequisites about the notice sec 143(2):-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/#Time_Limit_for_Issuance_Of_notice_us_1432\" title=\"Time Limit for Issuance Of notice u\/s 143(2):-\">Time Limit for Issuance Of notice u\/s 143(2):-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/#Operation_of_sec_1432_notice\" title=\"Operation of sec 143(2) notice:-\">Operation of sec 143(2) notice:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/#What_happens_if_you_fail_to_respond\" title=\"What happens if you fail to respond?\">What happens if you fail to respond?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/#Time_limit_to_issue_the_final_assessment_order\" title=\"Time limit to issue the final assessment order\">Time limit to issue the final assessment order<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Section_1432_-Diwali_celebration\"><\/span><b>What is Section 143(2):-Diwali celebration<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is a notice issued u\/s 143(2), upon finding discrepancies in either under-reporting of income or over-reporting of losses in respond to File <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">Income Tax Return<\/a>. This can be called the Second Chance from the IT Department.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2399 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Section-1432.png\" alt=\"Section 143(2)\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Section-1432.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Section-1432-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Section-1432-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Prerequisites_about_the_notice_sec_1432\"><\/span><b>Prerequisites <\/b><b>about the notice sec 143(2):-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>The following are the necessities that are required to be kept in mind,\u00a0 the following are:-<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 When you receive the notice u\/s 143(2), you must produce all documents supporting the deductions, exemptions, allowances, reliefs, and other claims made while filing the returns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 You must provide proof related to all your income sources.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 You may receive a notice in the form of a PDF via email on your registered email address. It will also be sent to the postal address.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 If you have not filed returns for the financial year, the assessing officer cannot issue a notice u\/s 143(2). He must first issue a notice u\/s 142(1), asking you to first file returns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 The assessing officer does a detailed inquiry<\/span><b>.<\/b><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Time_Limit_for_Issuance_Of_notice_us_1432\"><\/span><b>Time Limit for Issuance Of notice u\/s 143(2):-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is required to be issued within a period of six months from the end of the financial year in which the return was filed provided that Income Tax Return must have been filed before serving of this notice by the<a href=\"https:\/\/aktassociates.com\/blog\/section-234e-of-income-tax-act\/\"> Income Tax<\/a> D<\/span><span style=\"font-weight: 400;\">epartment.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Operation_of_sec_1432_notice\"><\/span><b>Operation of sec 143(2) notice:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Step 1<\/b><span style=\"font-weight: 400;\">:\u00a0 Your income tax return has been filed either under sec 139 subsections or through notice under sec 142(1) issued by the Department on the non-filing of any IT Return for the relevant Financial Year.<\/span><\/p>\n<p><b>Step 2<\/b><span style=\"font-weight: 400;\">:\u00a0 Then, notice is issued under <\/span><b>Section 143(2)<\/b><span style=\"font-weight: 400;\"> by the assessing officer.<\/span><\/p>\n<p><b>Step 3:<\/b><span style=\"font-weight: 400;\">\u00a0 You and\/or your tax representative will place your arguments in front of the assessing officer and submit documents, declarations as required.<\/span><\/p>\n<p><b>Step 4:<\/b><span style=\"font-weight: 400;\">\u00a0 After considering all submissions, a final order will be passed u\/s 143(3) about the tax payable or refund receivable.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_happens_if_you_fail_to_respond\"><\/span><b>What happens if you fail to respond?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You cannot take the notice lightly and ignore it. If you do not respond to the department within the stipulated time period,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 You may be subject to a penalty of Rs.10,000 under Section 272A for each failure to respond.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 The assessment officer may close the assessment with the information he has with the best judgment under Section 144.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 A higher taxable income can be considered, resulting in a higher tax and penalty payable by you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 If you choose to dispute the higher tax demand, a minimum of 20% of the tax due must be paid before you file an appeal with higher authorities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\uf0b7\u00a0 It may lead to prosecution; if found guilty, it may result in imprisonment.<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2340 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png\" alt=\"Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Time_limit_to_issue_the_final_assessment_order\"><\/span><b>Time limit to issue the final assessment order<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>Assessment Year (AY)<\/b><\/td>\n<td><b>Time limit from the end of the (AY)<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2017-18 or before<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21 months<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2018-19<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18 months<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2019-20 onwards<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12 months<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Section 143(2):-Diwali celebration It is a notice issued u\/s 143(2), upon finding discrepancies in either under-reporting of income &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Section 143(2) of Income Tax Act, 1961:- How to Respond It\u00a0\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/#more-2389\">Read more<span class=\"screen-reader-text\">Section 143(2) of Income Tax Act, 1961:- How to Respond It\u00a0<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sec 143(2) of Income Tax Act, 1961 | How to Respond It\u00a0AKT Associates<\/title>\n<meta name=\"description\" content=\"It is a notice issued u\/s 143(2), upon finding discrepancies in either under-reporting of income or over-reporting of losses in respond to File Income Tax Return. 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