Purpose of Notice
Notice u/s 142(1) is issued by the Income Tax Department for :
- Filing of Income Tax Return: If you’ve not filed your return within the specified period of time or before the end of the relevant assessment year, then you might receive Notice u/s 142(1)asking you to file your return.
- Producing specific accounts and documents: After you’ve filed your income tax return, your Assessing Officer (AO) may ask you to produce such specific accounts and documents as required by him by way of Notice u/s 142(1). For example, you might be required to produce your purchase books, sales books, or proofs of any deductions availed by you, etc.
- Any other information, notes or workings as desired by the AO: Assessing Officer may require you to furnish in writing and in the prescribed manner the information, notes or workings on specific points as required by him which may or may not form the part of books of accounts. For example, A statement of your assets and liabilities. However, prior approval of the Joint Commissioner is required.