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Time limit for issue of notice u/s 148 for the FY 2019-20

G RAKESH (Article Assistant) (75 Points)

24 October 2024

Hello Every one,

can you tell me what is Time limit for issue of notice u/s 148 for the FY 2019-20.

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3 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5118 Points)
Replied 24 October 2024

The time limit for issue of notice under Section 148 for the Financial Year 2019-20 is: - 31st March 2023 (general limit) - 31st December 2023 (if the assessee has filed return and undisclosed income exceeds ₹50 lakhs) Note: These limits are as per the Income-tax Act, 1961 and are subject to change.

Please consult a tax expert or the latest notifications/circulars for confirmation. Section 148 of the Income-tax Act, 1961, deals with the issue of notice for income escaping assessment. The time limits for issue of notice under this section vary depending on the circumstances.

For FY 2019-20, the general limit is 31st March 2023.

However, if the assessee has filed their return and the undisclosed income exceeds ₹50 lakhs, the notice can be issued up to 31st December 2023.

Please note that these time limits are subject to change, and it's always best to consult the latest notifications/circulars for confirmation.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177683 Points)
Replied 24 October 2024

Under normal case till 31.03.2023.

31.03.2030 if AO has in his possession books of account or other documents or evidence which reveal that the income chargeable to tax, represented in the form of asset, which has escaped assessment amounts to or is likely to amount to INR 50 lakhs or more for that year.