Time limit for issue of notice prescribed in section 149

CA V.K. Subramani

It is normal to file the ITR by taxpayers every year and the tax administration based on information in its possession may check the correctness of ITR. This could be done under section 143(3) by issuing a notice under section 143(2) within 3 months from the end of the financial year in which the ITR was furnished. Also, where the said time limit under section 143(2) has expired, the Revenue may, based on the information in its possession may revisit the ITR of the assessee which is known technically as 'reassessment'.