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Have you been served an I-T notice?

Notice can be served between 6 months and 6 years. For concealment of income, it can be longer

Priya Nair  |  Mumbai 

For how long after you file tax returns should you be prepared for any kind of scrutiny or assessment notice from the Income Tax Department? For how long should you keep records of your tax returns?  Ideally, for six years, if it is a normal scrutiny or assessment, but can be up to 16 years if it is income from foreign income or concealed income, say experts.  Recently, a tax-payer was served a notice under Section 144 for the Assessment Year (AY) 2008-09, with an order to pay Rs 16 odd lakh income tax, including interest. His income was estimated to be Rs 40 lakh ...

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Have you been served an I-T notice?

Notice can be served between 6 months and 6 years. For concealment of income, it can be longer

Notice can be served between 6 months and 6 years. For concealment of income, it can be longer For how long after you file tax returns should you be prepared for any kind of scrutiny or assessment notice from the Income Tax Department? For how long should you keep records of your tax returns?  Ideally, for six years, if it is a normal scrutiny or assessment, but can be up to 16 years if it is income from foreign income or concealed income, say experts.  Recently, a tax-payer was served a notice under Section 144 for the Assessment Year (AY) 2008-09, with an order to pay Rs 16 odd lakh income tax, including interest. His income was estimated to be Rs 40 lakh ... image
Business Standard
177 22

Have you been served an I-T notice?

Notice can be served between 6 months and 6 years. For concealment of income, it can be longer

For how long after you file tax returns should you be prepared for any kind of scrutiny or assessment notice from the Income Tax Department? For how long should you keep records of your tax returns?  Ideally, for six years, if it is a normal scrutiny or assessment, but can be up to 16 years if it is income from foreign income or concealed income, say experts.  Recently, a tax-payer was served a notice under Section 144 for the Assessment Year (AY) 2008-09, with an order to pay Rs 16 odd lakh income tax, including interest. His income was estimated to be Rs 40 lakh ...

image
Business Standard
177 22