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Show Cause Notice - Books of account audited under section 142(2A)

Show Cause Notice under Section 142(2A) requires the assessee to get books of account audited. Non-compliance may lead to adverse assessment or penalty by the Assessing Officer.

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Show Cause Notice - Books of account audited under Section 142(2A)

During the Income tax case proceedings, if the Income tax Officer doubts the correctness of the accounts due to nature and complexity of the accounts, volume of the accounts , multiplicity of transactions in the accounts or specialized nature of business activity of the person, than the Income tax officer directs the person to get its account audited under section 142(2A) of the Income tax Act, 1961 commonly referred as Special Audit, done by specified Chartered Accountants, who in turn will submit a Report with the Officer in a specified Form.

Before issuing directions to the person to get his accounts audited, the Income tax officer gives opportunity to the person by issuing notice to show the reason that why the accounts should not be referred for Special Audit.

FAQ

Frequently Asked Questions

What is Section 142(2A) in Income Tax?
Section 142(2A) allows the Assessing Officer to order a Special Audit of books of account if accounts are complex or require detailed verification.
Why is a Show Cause Notice issued under Section 142(2A)?
The notice is issued to give the taxpayer an opportunity to explain why their accounts should not be referred for Special Audit.
Who conducts the Special Audit under Section 142(2A)?
The Special Audit is conducted by a Chartered Accountant nominated by the Income Tax Department.
What happens if I do not respond to a 142(2A) notice?
Failure to respond may result in the Assessing Officer proceeding with Special Audit or making assessment based on available records.
What is the time limit for completing Special Audit?
The audit must be completed within the time specified by the Assessing Officer, generally within 90 days (extendable).

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Online Notices Intimation under Section 143(1) Notice u/s 143(2) Notice u/s 144 Notice u/s 148/147 Notices Under Section 158B/158BC SCN - Proposed addition in assessment SCN - Valuation of asset etc u/s 142A SCN - books of account audited u/s 142(2A) Reply to Notice u/s 133(6) Reply to Summons u/s 131 Notice u/s 220 and 221(1) Penalty notice u/s 271(1)(c) / 271(1)(b) Penalty notice under any other sections Prosecution notice u/s 279 Compounding of Prosecution