Have you also received notice from the income tax department under Section 148? Know what you can do
For the assessment year 2018-19 or subsequent years, if your undisclosed income is more than Rs 50 lakh, you may receive a Section 148 notice from the Income Tax Department by August 31, 2024.
Everyone in India who earns more than a certain amount of money each year is required to pay taxes. This is necessary for everyone. Filing an ITR can be a difficult process that might lead to errors.
If there are issues in your ITR, the I-T department can send you notice.
Meanwhile, the deadline for income taxpayers to declare undisclosed income from assessment year 2018-19 is 31 August 2024. For the assessment year 2018-19 or subsequent years, if your undisclosed income is more than Rs 50 lakh, you may receive a Section 148 notice from the Income Tax Department by August 31, 2024.
Let us tell you that earlier the I-T department was given time of 10 years from the end of the assessment year to initiate such proceedings. According to this, the Income Tax Department would have time till March 31, 2029, for the assessment year 2018-19, but Budget 2024 has reduced the time limit for reopening old cases. In such a situation, if the undisclosed income is more than Rs 50 lakh in the assessment year 2018-19 or subsequent years, then a notice can be sent to the taxpayers from the IT department under sections 148A and 148. If you have also received a notice from the IT department, then know what to do?
You can do these things to avoid receiving Section 148 notice.
File on time: Filing your returns on time helps you avoid fines and lowers the likelihood of being scrutinised.
Verify notice: If you receive a notice from section 148A, check whether it has been issued within the given time limit or not. Apart from this, also check whether it has been sent by the Local Assessing Officer or NFAC or not.
Reply to notice: Taxpayers are given between 7 to 30 days to respond to the notice under section 148A. Keep this time limit in mind and give your answer on time.
If the notice is wrong: If you feel that the notice has been issued wrongly, then while replying to the notice, attach your necessary documents and submit and present your case. In such a situation, you can ask the Income Tax Department to reopen the case.
Keep digital documents: Maintain transparency by keeping digital documents and reviewing your tax returns regularly to reduce risks.
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