Income tax sec 148
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 … WebFeb 1, 2024 · Assessing Officer has a power to issue notice under section 148 of income tax act wherein any income has been escaped from being taxed which is subject to the provisions of Sec 147 to Sec 153. 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.
Income tax sec 148
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WebJul 18, 2024 · The deceased assessee is survived by two sons and two daughters. Notice under Section 148 of the Act 1961 for A.Y. 2012-2013 was issued, i.e. on the last date of limitation, in the name of deceased assessee Shri Mohinder Paul Kapila and sent at his last known address known to the Income Tax Department. The impugned notice could not and … WebMar 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 assessing officer has reason to believe that income has escaped assessment. The notice can be issued within four years from the end of the assessment year if the income escaped …
WebMar 3, 2024 · With respect to your returns, there are two main documents. One is Form 16 which has all the details of your TDS or Tax Deducted at Source. The other is Form 26AS, which has all the information related to your taxes like refund, tax deducted etc. This document is issued by the IT department against your PAN. WebAs per Section 149 of ITA, a notice under Sec 148 of Income Tax Act is issued within 4 years from the end of the assessment year in question. However, in such a case, the income …
WebMay 8, 2024 · It may be noted that income tax authorities are empowered u/s 148 to reopen the case of assessment for earlier years u/s 148. Further, the period of reopening of … Web12 hours ago · The short issue involved in the instant case is whether the assumption of jurisdiction by the Principal Commissioner of Income Tax, Kolkata-2 (PCIT) under Section 263 of the Act was justified. The learned Tribunal has passed an elaborate order, firstly taking note of the legal position under what circumstances the power under section 263 …
Web2 days 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 ...
WebApr 1, 2024 · The amended provision of section 148A is effective for financial year 2024-23 relevant to the assessment year 2024-24. In this article, you will learn detail of the provisions of section 148A of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India. order not to pay crosswordWebMar 31, 2024 · The amendment to section 148 of the Income Tax Act is a welcome change that provides much-needed relief to taxpayers. It ensures that the income tax authorities … order not received from amazonWebApr 9, 2024 · Time Limit for issuing notice u/s 148 of Income Tax Act, 1961. If escaped assessment amounts to : 1. Less than Rs. 50 Lakhs. Within 3 years from end of relevant Assessment Year. 2. Rs.50 Lakhs or More. Within 10 years from end of … order not to pay crossword clueWeb2 days ago · The Insight portal of the Central Board of Direct Taxes (CBDT) provides information to assessing officers, who then send out notices under Section 148A seeking … order not showing up on amazonWeb2 days ago · Important case laws regarding notice under section 148A of th Income Tax act, 1961: ... 291 ITR 500 (SC) The Supreme Court held that before issuing a notice under section 148, the assessing officer must have tangible material to come to a belief that income has escaped assessment. The belief must be based on objective facts. 2. order not uploaded by concerned court meansWebApr 29, 2024 · Section 148 requires that the income tax officer issue a notice to the taxpayer if there is a ‘reason to believe’ by the income tax officer that the taxpayer has escaped … ireland to amalfi coastWebSep 2, 2024 · Conducting inquiry, providing opportunity before issue of notice under section 148. The Assessing Officer shall, before issuing any notice under section 148,— conduct any enquiry, if required, with the prior approval of specified authority, with respect to the information which suggests that the income chargeable to tax has escaped assessment; ireland to bali flight time