CAF-2 · Chapter 14 · Question 15 of 15
Mr. Zaid, who has not filed his return of income for many years, has a foreign bank account that he never declared. The Commissioner wishes to issue a notice requiring him to file his return. What is the time limitation for the Commissioner to issue this notice regarding past tax years?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) D) The time limitation does not apply.
Explanation
While standard limits are 5 or 10 years, the time-limitation shall not apply if the Commissioner is satisfied, on the basis of reasons recorded in writing, that a person who failed to furnish his return has foreign income or owns foreign assets.
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