look news india
New Delhi: The last date for sending notice by the Income Tax Department in case of investigation of undeclared income is 31 August 2024. Actually, according to the rules of Income Tax, if a person's income is more than Rs 50 lakh and he has not shared his income with the department in the previous year, then in such a case a notice can be issued till 31 August.
“I have heard from income tax assessing officers that most of their transfer orders have been put on hold till August 31, 2024, and they are being asked to find evidence and HSMs to reopen assessment year 2018-19 cases,” said a CA on the condition of anonymity. Time limit for issuing notices reduced
For assessment year 2018-19, notice under section 148 for reopening of assessment can be issued up to ten years from the end of the relevant assessment year, i.e., up to March 31, 2029. However, as per the proposed provisions effective from September 1, 2024, the time limit for this has been reduced to June 30, 2024. Therefore, the time limit for notices to be issued under sections 148A and 148 will be August 31, 2024.”
Notice will be received in these cases
It should be known that if the income exempted from tax assessment is Rs 50 lakh or more and it relates to the assessment year 2018-19 or the period thereafter, then you may get a notice under Section 148 by 31 August 2024. If your case does not meet these conditions, then you will not be sent a notice by the department. Experts say that due to the short time limit, you will not get enough time to respond to the notice of Section 148. Maheshwari says.
Taxpayers will get a chance to present their side
It should be noted that to issue a notice under section 148 or 148A, the officer must have solid information related to tax evasion and it will be mandatory to follow the entire protocol. Before issuing a notice under section 148, the taxpayer should be given full opportunity to present his side.