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 detail section 148 (Issue of notice where income has escaped assessment) of IT Act 1961. Today, we learn the provisions of section 148A of Income-tax Act 1961-2024. 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 …
Decoding Section 148 of the Income Tax Act, 1961 By CA Nikhil …
WebMar 17, 2024 · Section 148 of the Income Tax Act empowers the assessing officer to issue a notice for reassessment of income to an individual or entity. The notice can be issued if the assessing officer has reason to believe that income has escaped assessment. 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 … 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 relevant AY (assessment year) in case the … See more fivem animations liste
Section 148 of Income Tax Act, 1961 - iPleaders
WebMar 31, 2024 · The Assessing Officer must provide the Assessee with a Notice under Section 148A (b) that details the information and any unfavourable material asserting … WebFeb 1, 2024 · Notice u/s 148 gives a power to the A.O. to assess or reassess the Income which comes into notice before and during the assessment. Notice under section 148 … 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. can i start a business at 14