Income tax 148

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August undefined, 2024

WebAccording to Section 148 of the IT Act, any income tax computation that has not been recomputed or reassessed will receive a notice from the IT department. This section further mentions that an Assessing officer will get in touch with the assessee. Section 148 of the Income Tax Act deals with the issuance of a notice wherein any income has escaped … Web2 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 an explanation. "Increasing number of taxpayers are receiving reassessment notices recently under Section 148 of Income Tax Act, 1961, where department has been issuing show …

Several foreign companies get tax notices on India investments

Web1 day ago · The House’s plan, as approved, would provide $654 million in tax relief in fiscal 2024 and $1.1 billion in relief through fiscal 2026 and beyond. It would slash the short … WebMar 17, 2024 · The I-T Department is leveraging ‘INSIGHT’, a platform that throws the names of potential tax offenders after going through huge amounts of data. With the new algorithm, the tax department can issue as many as 50,000 letters under Section 148A of the Income Tax Act. It is important to know more about Section 148 A, and how to respond in ... easy hairstyles for over 60 women

How to deal with Section 148 & Section 148A Income Tax …

WebMay 23, 2024 · However, first proviso of newly substituted section 148 of the Act states that a notice u/s 148 of the Act for reopening the assessment cannot be issued unless the AO has “information” which “suggest” that the income chargeable to … WebApr 12, 2024 · The Mumbai bench of Income Tax Appellate Tribunal (ITAT) while set-aside the assessment order passed by the assessing officer (AO) held that, notice issued under … WebFeb 1, 2024 · Section 148 of the Income Tax Act, allows some specific persons who can issue notice u/s 148 for the income escaped . The notice u/s 148 cannot be issued by an … curiosity programme ideas

Notice under Section 148 of Income Tax Act: All You Need to Know

Several foreign companies get tax notices on India investments

WebUnder the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various ... 148, the difference between the amount of income assessed and the basic exemption WebDec 30, 2024 · 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 income so escaped doesn’t exceed INR 1 lac. In case the income so … curiosity posts for facebookWebFeb 8, 2024 · The tax authority issues notice under Section 148 of Income Tax Act where the income has escaped assessment. This is a time bound notice and the taxpayer needs to submit a response within the specified time period. The Assessing Officer i.e. AO can issue notice u.s 148 if: curiosity plane crash

"WebMar 20, 2024 · If the assessee does not furnish the Income Tax return within the timeframe underlined in the notice issued under Section 148 by the presiding Assessing Officer, the … " - Income tax 148

Income tax 148

Legal Solution for Assessment & Reassessment Notice U/S 148 …

WebMar 31, 2024 · Impact of Amendment. The amendment to section 148 has significant implications for taxpayers. Earlier, the income tax authorities could issue a notice to reopen an assessment if they had reason to believe that income chargeable to tax had escaped assessment. However, with the new proviso, the authorities are required to obtain … WebJun 23, 2024 · The AO will send a notice under section 148 of income tax act for income escaping assessment. The Finance Act 2024 has reduced the time limit to re-open income tax assessment cases to 3 years from 6 years. However, in case of serious tax evasion, the assessment can be reopened until ten years.

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WebMay 9, 2024 · On Wednesday the Supreme Court of India said that the reassessment notices issued under Section 148 of the unamended Income Tax Act beyond 1 st April, 2024 shall be deemed to have been issued under Section 148A of Income Tax Act as substituted by the Finance Act 2024 and shall be construed as show cause notices as per Section 148A(b). … Web2 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 …

WebFeb 2, 2024 · a state sales tax. a state excise tax. a local option for cities or towns. 6.25% (state sales tax) 10.75% (state excise tax) up to 3% (local option for cities and towns) … WebFreeHeightConverter.com uses the correct formulas to ensure that you get accurate results every time. For instance, to convert U centimeters to feet, you would divide your figure by …

WebMay 3, 2024 · What this notice is about. We changed your mailing address because we received an employment tax return or Form 8822-B, Change of Address or Responsible … Web2 days ago · Section 148A of the Income Tax Act, 1961 is a provision that allows the Assessing Officer (AO) to issue a notice to a person who has failed to furnish a return of income, report or statement of financial transaction. This section was introduced by the Finance Act, 2024, and is applicable from 1st April 2024. The notice under section 148A …

WebAug 1, 2024 · Sub: Guidelines for issuance of notice u/s 148 of the Income Tax Act, 1961 . Ref : 247/140/2024-A86PC-1 dated 10.01.2024. 1. In view of substitution of Section 147/148/149/151, amendments in Section 151A and insertion of Sections 148A in the Income-tax Act, 1961 (“Act”) vide Finance Act, 2024 and Finance Act, 2024, the procedure …

WebJul 6, 2024 · [S. 148, 149] the Court held that; the date of issue of notice under section 149 of the Income-tax Act, 1961 would be the date on which it was handed over for service to the proper officer, i.e., the Postal Department. The approval was granted by the Principal Commissioner of the Income-tax also on March 30, 2015. The notice was valid. easy hairstyles for round facesWebApr 15, 2024 · There are many cases where the taxpayers have received notices for reassessment U/s 148A. The cases in the current year range from donation to the political party, bogus purchase, increase in unsecured loans amount, increase in capital, return of loss being filed, etc. One may note that the procedure envisaged u/s 148A of the Act is … curiosity project katy beethamWebMay 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 assessment has been reduced to 3 years in normal case by the Finance Act- 2024 and so income tax authorities have used their earlier power of 4 years or 6 years till 31.03.2024 ... curiosity probe nasaWebAug 4, 2024 · The Central Board of Direct Taxes (CBDT) has revised the earlier guidelines issued on the issuance of notices under section 148 of the Income-tax Act, 1961 (‘Act’) … curiosity programme autismWebJul 28, 2024 · Now from 1.4.2024 issue of notice u/s 148A which is an opportunity to the assessee to explain his case when revenue requires it to be reopened . a) 148 (A) (a) :AO to conduct enquiry, if required, with prior approval. b) 148A (b) :Opportunity of being heard to be given to assesses, with prior approval . c) 148A (c):AO to consider reply of assesses. curiosity poemWebMar 28, 2024 · Section 148 of the Finance Act provides an opportunity to the assessee of being heard. The assessee can respond to the notice within a 7 to 30 days period of … curiosity pointsWebMar 28, 2024 · 148A. The Assessing Officer shall, before issuing any notice under section 148,—. (a) 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; (b) provide an opportunity of being heard to the assessee, with the ... easy hairstyles for saree