Section 148%149
This query is : Resolved
16 February 2023
Dear experts, i have one query regarding issuance of notice under section 148. IT can only issue notice to 3 years if amount is less than 50 lacs. Now this 50 lacs is for one F.Y. or it can be for combination of multiple F.Y. as well like 10 lacs in one f.y. 20 in another f.y. and remaining 20 in another f.y. thanks in advance.
16 February 2023
AO can issue the notice before the end of a three-year period from the end of the relevant assessment year.
However, if the concealed/escaped income exceeds Rs.50 lakh (in the form of assets/expenditures/entries in books; in any single particular year), reassessment can be done up to 10 years from the relevant assessment year.
However, if the concealed/escaped income exceeds Rs.50 lakh (in the form of assets/expenditures/entries in books; in any single particular year), reassessment can be done up to 10 years from the relevant assessment year.
16 February 2023
Dear sir...really thanks for revert but my query is this 50 lacs should have to be from one f.y. or can it be in multiple f.y. as well..like for one f.y. 10 lacs time limit is expired but we add the 40 lacs from next f.y. it will be 50 lacs wiil the limit here is 3 years or 10 years
16 February 2023
The answer is one financial year, but for IT department it can be an asset found out in one year, which you may have created in 3 or 5 years!!!
16 February 2023
Thank you for clarification of the doubt...very clear now...
17 February 2023
Most Welcome.
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