Income tax sec 148
WebSep 14, 2024 · 5. Perused the documents. The notice under section 148 of the Income Tax Act was issued for assessment year of 2015-2016. The notice was issued on 30-6-2024. The grievance of the petitioners that the notice of like nature could have been issued till the cut off date 30-3-2024 as subsequent thereto the new section 148A intervened before … 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) …
Income tax sec 148
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Web2 days ago · An assessment was originally made on the assessee under Section 143(3) of the Income-tax Act by order passed on 26.3.1998. In this order, the total income of the assessee was determined at Rs. 2,64,815/-. ... the date of filing the return under Section 148 was 23.3.2000 with the result that the last day for issue of the notice under Section 143 ... WebMay 23, 2024 · Accordingly, the notices relating to any assessment year issued under section 148 on or after 1st April, 2024 have to comply with the provisions of sections 147, 148, 148A, 149 and 151 of the Income-tax Act, 1961 as specifically substituted by the Finance Act, 2024 with effect from 1st April, 2024 10.
WebApr 1, 2024 · Section 148A of IT Act 1961 provides for Conducting inquiry, providing opportunity before issue of notice under section 148. Recently, we have discussed in … WebMay 4, 2024 · A two-judge bench of the Supreme Court comprising Justice M R Shah and Justice B V Nagaratna, on Wednesday, upheld the reassessment notices under Section 148 of the unamended Income Tax Act which were issued beyond 01.04.2024 (the effective date of amendment of the said provision by the Finance Act, 2024) to be deemed to have been …
WebAug 4, 2024 · Notice under section 148 can be issued only if there is an information with the assessing officer which suggest that income chargeable to tax has escaped assessment …
WebJul 14, 2024 · Section 149 (1) (b) provides that if the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income chargeable to tax, represented in the form of asset, which has escaped assessment amounts to or is likely to amount to Rs.50 lakhs or more for that year the notice shall be issued within 10 …
WebMar 23, 2024 · Section 148 of the Income Tax Act 1961 empowers the Assessing Officer to issue a notice to a taxpayer whose income has escaped assessment. This means that if … ip phone on computerAs 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 orally in tagalogWebSection 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 … orally insulinWebMar 28, 2024 · What is section 148A of the I-T Act? Mint Get Mint Premium at just ₹2949 Gainers & Losers Thu Apr 06 2024 15:51:39 Top Gainers Top Losers Bajaj Finance Tata Motors Track your investments Create... ip phone softphoneWeb1 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 ... orally or in writingWebApr 29, 2024 · Since Section 148A is effective from 1st April 2024, any notice issued to the taxpayer under Section 148 after the said date, without following the procedure under … orally ingested abortion medicationWebFeb 8, 2024 · The ITD has issued notices under clause (b) of Section 148A of the Income Tax Act. Section 148A is the section for conducting inquiry and providing opportunity before issue of notice under Section 148. Clause (b) of Section 148A seeks to provide the taxpayer an opportunity of being heard by serving a show cause notice. orally medication