- Please share the copy of notice u/s 148. 148 is for assessment or re-assessment of income escaped.
How to revert to notice under section 148 of income tax act??
- Please share the copy of notice u/s 148. 148 is for assessment or re-assessment of income escaped.
It is generally for re-assessing your income for some earlier years. You need to first file the return of income against the notice and then you can move further in the proceedings.
If you need any professional help you can contact me and forward me the notice.
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The most important thing to keep in mind here is to not take this notice lightly. If the tax department has sent you the notice u/s 148, please take the following actions quickly:
We may help you in draft reply.
Before issuing any notice under section 148 the assessing officer must have reason to believe that any income chargeable to tax has escaped assessment. You must ask for such reason.
Notice u/s 148 can be issued within 4 years from the end of relevant assessment year if the income escaped does not exceed one lac Rs. If the income escaped is Rs. one lac or more the notice u/s 148 can be issued within 6 years from the end of relevant assessment year subject to the provisions of section 151.The notice u/s 148 can be issued within 16 years from the end of the relevant assessment year if the income which has escaped assessment is related to assets( including financial interest in entity) is located outside India. Just ensure that the notice is issued within time lines.
In the meantime, you should compile the data for filing return - ensure you report your income correctly.
When a notice u/s 148 is received the tax payer is asked to file a return of the relevant assessment year. After filling the return the you should ask for the copy of reasons recorded for issue of notice u/s 148 and can file objection to the issuance of notice. You should ask specifically assessing officer to pass a speaking order.