Notice section 148 of the income tax act 1961
WebSection 148 of the Income Tax Act states that if an individual's taxable income has escaped assessment from the IT department, an Assessing Officer will issue a notice to furnish necessary documents to prove that they are tax compliant. This article summarises the vital aspects of this Section of ITA. WebMar 3, 2024 · Notice under this section is received after a detailed enquiry has been done by the assessing officer. Section 148 If the assessing officer feels some income has been missed, a notice is sent under this section as the income will need to be reassessed. Section 156 This notice is about some dues which the taxpayer owes to the department.
Notice section 148 of the income tax act 1961
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Web1 day ago · Section 148A of the Income Tax Act, 1961 is a provision that allows the Assessing Officer (AO) to issue a notice to a person who has failed to furnish a return of income, report or statement of financial transaction. This section was introduced by the Finance Act, 2024, and is applicable from 1st April 2024. The notice under section 148A … WebMar 23, 2024 · A notice under Section 148 can be issued to a taxpayer within 3 years from the end of the relevant assessment year, If the escaped assessment amounts to or likely …
WebNOTICE UNDER SECTION 148 OF INCOME TAX ACT When a notice u/s 148 is received the assessee is asked to file a return of the relevant assessment year. Clink… WebMay 23, 2024 · 1.6 In order to nullify such judgments, Explanation 3 has been inserted vide Finance Act, 2009 stating that “For the purpose of assessment or reassessment under …
WebMar 20, 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 … WebMar 28, 2024 · 148A. The Assessing Officer shall, before issuing any notice under section 148,— (a) conduct any enquiry, if required, with the prior approval of specified authority, …
WebThere are some sections are mentioned in income tax Act, 1961, depending upon which type of tax you are paying. Organizations and individuals may get notices under any section if …
WebMar 28, 2024 · New Section 148A of the Income Tax Act, 1961, inserted by the Finance Act 2024, with effect from AY 2024-22, seeks to provide that, before issuing any notice under section 148, the Assessing Officer shall conduct any enquiry, if necessary, with the prior approval of specified authority, with respect to information indicating that income … cycloplegic mechanism of actionWebMar 17, 2024 · Section 148 of the Income Tax Act provides for the issuance of a notice for reassessment of income to an individual or entity. The notice can be issued if the … cyclophyllidean tapewormsWebMar 17, 2024 · With the new algorithm, the tax department can issue as many as 50,000 letters under Section 148A of the Income Tax Act. It is important to know more about Section 148 A, and how to respond in case you do get a notice under this provision, around which there some confusion last year. What is Section 148A? cycloplegic refraction slideshareWebSection 148 - Issue of notice where income has escaped assessment - Income-tax Act, 1961. ..... s as may be prescribed; and the provisions of this Act shall, so far as may be, … cyclophyllum coprosmoidesWeb2 days ago · Thousands of such Section 148A notices have gone out, including to individuals, seeking explanations. 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. cyclopiteWebissuing notice under section 148 of the Income Tax Act, 1961. 3. Time limit for notice to be issued u/s148 is provided under section 149, which is as under: a) Up to 4 years from the end of the relevant assessment year, unless the case falls in (b) or (c) below cyclop junctionsWebUOI [2024] 134 taxmann.com 173 (Cal)(HC) held that the impugned notices under Section 148 of the Income Tax Act are quashed with liberty to the Assessing Officers concerned to initiate fresh re-assessment proceedings in accordance with the relevant provisions of the Act as amended by Finance Act, 2024 and after making compliance of the ... cycloplegic mydriatics