Web1 day ago · The amendment to section 148 to section 151 of the Income Tax Act 1961 with effect from 01 April 2024 has codified the decision in the case of GKN Driveshafts reported in 259 ITR page 19. Consequently now prior to issuance of section 148 notice and initiating the reassessment the department has to issue a pre enquiry notice u/s 148A of the Act ... WebJul 17, 2024 · Section 148 of the Income Tax Act, 1961 deals with the issuance of notice wherein any income is found to have escaped re-computation, r assessment or …
Supreme Court upholds Over 90,000 Re-Assessment Notices …
WebFeb 13, 2024 · Section 148A was added to the Income Tax Act as part of Budget 2024. Now, let’s say that the tax collector knows that the taxpayer has hidden money for any year in … WebJul 6, 2024 · Section 149 of the Income Tax Act 2024, prescribes the time limits for issue of notice: No notice under section 148 shall be issued for the relevant assessment year- (a) … high coliform count in water is an indicator
Section 148A of the Income Tax Act - Taxway Global
WebApr 26, 2024 · Time limit for issuance of notice under section 148 is contained in section 149 of income tax Act, 1961, which reads as under: “149(1) No notice under section 148 shall be issued for the ... As per Section 147 of the Income Tax Act, 1961, the Income Tax Department has the power to reassess an individual’s previously filed income tax returns. The Assessing Officer could pick your income tax return for reassessment subject to some pre-defined criteria by sending a notice under section 148 for income … See more An individual could receive a notice under section 148 in case the assessing officer believes that such an individual’s income chargeable to tax might have escaped assessment. In case the proof supporting his belief is available, … See more The key thing to bear in mind is to not to take the notice lightly. In case you receive the notice under section 148, please follow the below-mentioned pointers: 1. Firstly, check the notice for reasons to believe which are recorded by … See more Section 151(1) of the Income Tax Act, 1961 contains the provisions for issue of notice: 1. No notice would be issued by an Assessing Officer under section 148, after expiry of four years … See more Section 149 of the Income Tax Act, provides that the notice under section 148 could be issued within a period of 4 years from the end of … See more Web2 days ago · Section 148A of the Income-Tax Act, 1961, was introduced by the Finance Act, 2024, which requires assessing officers to conduct an inquiry while providing an opportunity to the taxpayer before issuing a notice under Section 148. This was done to allow taxpayers to explain transactions and thereby avoid unnecessary litigation. Thursday, 13 Apr, 2024 high collar dress shirts men\u0027s