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Notice issue under section 148

ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)

21 August 2024

notice issued under section 148 issue after 31st March 2024 for assessment year 2021-23 below Fifty lakh .It is time barred or not

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Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (7250 Points)
Replied 21 August 2024

Section 148 of the Income Tax Act, 1961, deals with the issue of notice for income escape assessment. As per the Finance Act, 2022, section 148 has been amended to provide that: - No notice under section 148 can be issued after 31st March 2024 for Assessment Year 2021-22 and earlier years. - However, if the escaped income is more than ₹50 lakhs, the notice can be issued within 2 years from the end of the relevant Assessment Year. Since the notice is for Assessment Year 2021-22 and the income is below ₹50 lakhs, the notice issued after 31st March 2024 would be time-barred.

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