What is Section 148 as per Income Tax Act?
What is Section 148 as per Income Tax Act?
Section 148 of the Income Tax Act, 1961 deals with the issuance of notice wherein any income is found to have escaped re-computation or assessment. The income returns of any person other than assessed himself deemed assessable as per the provisions of this Act during the year prior to the assessment year.
How do I file revised return for US 148?
Return filed in response to notice u/s 148 can also be revised: Return filed in response to notice u/s 148 can also be revised, as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. It is to be noted that notice u/s 148 is issued for the assessment of the escaped income.
When can notice u/s 148 be issued?
16 years
Time limit to issue a notice under Section 148 The notice under section 148 could be issued within a period of 16 years from the end of relevant AY in case the income that has escaped assessment relates to assets located outside India.
In what circumstances reassessment is done?
Reassessment means reopening the already completed assessment on fulfillment of certain conditions and reassess the total income of the assessee by including the income which has escaped earlier assessment. An assessment once made can not be tampered by the AO at his will and pleasure.
What is the time limit for completion of assessment?
Time limit for completion of assessment and reassessments. (c) the expiry of one year from the date of the filing of a return or a revised return under sub-section (4) or sub-section (5) of section 139, whichever is latest.
What is reopening of income tax assessment?
If an AO has any reason to believe that any income chargeable to tax has escaped assessment, the AO has authority to reopen the case for scrutiny. On the basis of such information, the AO can reopen the assessment.
What is difference between reassessment and rechecking?
In reassessment they check your paper again and there is almost 50 percentage of chance to clear those backlogs. In rechecking they just recount the marks. So go for reassessment.
What is time limit for completing reassessment under section 147?
The reassessment under Section 147 must be completed within 12 months from the end of the financial year in which notice was served. This time limit shall be extended by 12 months if reference is made to the Transfer Pricing Officer.
Can a case be reopened after 3 years?
It was held that Section 147 mandates that the case can only be reopened after expiry of four years only if there was a failure on the part of the assessee to fully and truly disclose all material facts necessary.
What is Section 148 of the Income Tax Act?
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.
What is the time limit to issue notice under Section 148?
Time limit to issue a notice under Section 148 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.
What is section 148148(1)?
148 (1) There shall be included in computing the income for a taxation year of a policyholder in respect of the disposition of an interest in a life insurance policy, other than a policy that is or is issued pursuant to (b.1) a registered retirement income fund, (b.3) a pooled registered pension plan,
Can an Assessing Officer issue a section 148 notice after expiry?
No notice would be issued by an Assessing Officer under section 148, after expiry of four years from the end of relevant AY (assessment year), unless Principal Chief Commissioner or Principal Commissioner or Chief Commissioner or Commissioner is satisfied, on reasons recorded by the AO, that it’s a fit case for issuing such notice.
