Income tax filing section 148
WebJul 23, 2024 · Section 151(1) of the Income Tax Act, 1961 contains the provisions for issue of notice under section 148 of the Income Tax Act: ... In the first place, the assessee has an option to file a new return of income declaring the true income in accordance with the notice. Income can be the same or more than what the assessee declared in the original ... WebJul 6, 2024 · How To Deal With Notices under Section 148A And under section 148 of Income Tax Act, 1961 As Amended By Finance Act, 2024. INTRODUCTION. Finance Act, …
Income tax filing section 148
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WebThe Assessee should file their return (under protest) in response to Notice under section 148 of the Act rather than asking the Ld. Assessing Officer to consider the earlier return … 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 …
WebApr 12, 2024 · A return of income filed in response to Notice u/s 148 is also treated as a return filed u/s 139 and provisions of income tax act so far as may be, apply accordingly as if such return were a return required to be furnished u/s 139. ... The relevant facts leading to the filing of aforementioned Income Tax Appeal No.97 of 2024 before the High ... An individual could receive a notice under section 148 in case the assessing officer believes that such an individual’s income chargeable to tax might have escaped assessment. In case the proof supporting his belief is available, the AO would record his reasons in writing and send the individual notice under section … See more Section 151(1) of the Income Tax Act, 1961 contains the provisions for issue of notice: 1. No notice would be issued by an Assessing Officer under section 148, after … See more 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 … See more The key thing to bear in mind is to not to take the notice lightly. In case you receive the notice under section 148, please follow the below-mentioned pointers: 1. … See more
Web1 day ago · In addition, family pensioners opting for the new tax regime can claim a standard deduction of Rs 15,000 from their pension income. Soni highlighted that the rebate under … Web11 hours ago · 5. We have heard the parties and perused the record. Admittedly notice under section 148 has been issued and also the orders of the tax authorities have been passed in the name of the assessee, who has died in 2013 itself. It is settled proposition of law that proceedings initiated and orders passed in the name of the dead person is not valid.
Web2 days ago · An assessment was originally made on the assessee under Section 143(3) of the Income-tax Act by order passed on 26.3.1998. In this order, the total income of the assessee was determined at Rs. 2,64,815/-. ... the date of filing the return under Section 148 was 23.3.2000 with the result that the last day for issue of the notice under Section 143 ...
WebApr 12, 2024 · Bombay High Court held that initiation of re-assessment proceedings in violation of the procedure prescribed under section 148A (b) of the Income Tax Act i.e. without supplying requisite material is bad in law and liable to be set aside. Facts- The Petitioner challenges the notice under Section 148 of the Income Tax Act, 1961 (“the Act ... peter foley copycatWebMar 17, 2024 · Section 148 of the Income Tax Act provides for the issuance of a notice for reassessment of income to an individual or entity. The notice can be issued if the assessing officer has reason to believe that income has escaped assessment. The notice can be issued within four years from the end of the assessment year if the income escaped … peter foley snowboard coach wifeWebOct 7, 2024 · 9,159,629 total views. 525 total views. Section 148 requires the person to file the return of income in response to the notice. The question arises in the case of … peter followed jesus from a distanceWebJun 12, 2024 · What happens after I file my Income Tax Return? Step 1 – Mr Kannan files his Income Tax Return for the year ending March 2024 (FY 2024-22) on 31st July 2024. Scenario # 1 . For more than 99% of taxpayers, this is the final step in IT filing and reporting. No more questions are asked by the tax department. Scenario # 2 peter foley snowboarding coachWebMar 23, 2024 · Section 148 of the Income Tax Act 1961 is one such section that deals with the issuance of a notice by the Assessing Officer (AO) to taxpayers whose income is … peter foley thomaston ctWebMay 1, 2024 · Once the option of filing the return in response to notice under section 148 is selected the software should not calculate interest under section 234A till the date of filing the return for the cases where the return had already been filed. This is to be corrected in the software of the Income Tax Department so that the software is in alignment ... peter folkow chalmersWebAug 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’) and issued newly revised guidelines on 01.08.2024 subsequent to amendments introduced in section 148 by the Finance Act, 2024 and Finance Act, 2024.. The emphasis of the … starlight companion care llc