look news india
Income Tax Notice: In India, if your income is above a certain limit and you fall into the tax bracket, then it is mandatory for you to file income tax return. If you make any mistake in filing ITR, then the Income Tax Department has full right to send you an IT notice. The Income Tax Department also has the right to re-evaluate your old ITR.
In this regard, the deadline for taxpayers to declare undisclosed income from assessment year 2018-19 is August 31, 2024. For assessment year 2018-19 or subsequent years, if your undisclosed income exceeds Rs 50 lakh, you may get a notice under section 148 from the Income Tax Department by August 31, 2024.
These changes have been made in the rules
Let us tell you that earlier the department was given 10 years from the end of the assessment year to initiate such proceedings. Accordingly, the Income Tax Department would have had time till March 31, 2029 for the assessment year 2018-19, but in Budget 2024, the time limit for resuming old cases has been reduced. In such a situation, if the undeclared income in the assessment year 2018-19 or subsequent years is more than Rs 50 lakh, then taxpayers can be sent a notice by the Income Tax Department under Section 148A and 148. If you have also received a notice from the Income Tax Department, then know what to do?
Understand what to do when you receive a notice
Verify Notice
If you receive a notice under section 148A, check whether it is issued within the given time limit. Also check whether it is sent by the local assessment officer or NFAC.
Respond to the notice
Taxpayers are given 7 to 30 days to respond to the notice under section 148A. Keep this deadline in mind and submit your response on time.
If the notice is incorrect
If you feel that the notice has been issued wrongly, then while replying to the notice, attach your necessary documents and submit them and put forth your side. In such a situation, you can ask the Income Tax Department to reopen the case.
