BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Time limit to issue a notice As per section 149 of the Income Tax Act, If the income escaped doesn’t exceed INR 1 lakh the notice under section 148 can be issued within a period of 4 years from the end of the relevant AY (assessment year).

Detailed explanation-2: -Assessment under section 143(1) can be made within a period of 9 months from the end of the financial year in which the return of income is filed. This is a detailed assessment and is referred to as scrutiny assessment.

Detailed explanation-3: -Time limit for completion of assessment and reassessments. (c) the expiry of one year from the date of the filing of a return or a revised return under sub-section (4) or sub-section (5) of section 139, whichever is latest.

Detailed explanation-4: -What happens if I do not respond to the intimation within 30 days of receiving the intimation? If you do not respond to the intimation within 30 days, your Income tax return would be processed by making the necessary adjustments.