TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Assessing Officers can require returns, documents, audits and valuations under Section 142 with hearing rights</h1> Section 142 of the Income Tax Act, 1961 empowers Assessing Officers to conduct inquiries before assessment by serving notices on taxpayers. The provision allows officers to require filing of returns, production of accounts and documents, and furnishing of information including asset-liability statements. With senior officer approval, assessees may be directed to get accounts audited by nominated accountants or inventory valued by cost accountants. The section mandates reasonable opportunity for hearing and specifies time limits for compliance. Audit/valuation expenses are determined by tax authorities, with costs borne by the Central Government for directions issued after June 2007.
TaxTMI 
TaxTMI 
