Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 142 of Income-tax Act: New Audit Requirements and Cost Provisions for Assessees</h1> Section 142 of the Income-tax Act, 1961, has been amended by the Taxation Laws (Amendment) Act, 1975. The amendment changes the wording in sub-section (1) regarding notices issued under section 139. New sub-sections (2A) to (2D) are introduced, allowing the Income-tax Officer to direct an assessee to have their accounts audited if deemed necessary, with prior approval from the Commissioner. The audit report must be submitted within a specified period, extendable to a maximum of 180 days. The assessee bears the audit costs, determined by the Commissioner, and these costs are recoverable as tax arrears if unpaid.
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