• Notice under section 148 of Income Tax Act

How to revert to notice under section 148 of income tax act??
Asked 2 months ago in Income Tax from NEW DELHI, Delhi

- Please share the copy of notice u/s 148. 148 is for assessment or re-assessment of income escaped.

Vivek Kumar Arora
CA, Delhi
2520 Answers
112 Consultations

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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.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank You

Naman Maloo
CA, Jaipur
1486 Answers
16 Consultations

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Dear Sir,

 

Hope you are doing well !!

 

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:

  • Check the notice for reasons to believe as recorded by the AO for issue of income escaping assessment notice u/s 148. In case if notice does not have the reasons mentioned in it, then you can request the AO to send you the copy of recorded reasons.
  • If you are satisfied with the reasons to believe as recorded by AO, file your income tax return as soon as possible. If you had already filed the relevant return, send its copy to the AO.
  • If you are filing the return in response to the notice issued u/s 148, make sure you file it after due diligence declare all your income and expenses carefully. If you miss reporting the income correctly then it can result in huge penalties.
  • In case if you feel that the notice is not validly served or the reasons provided by the AO for opening the assessment u/s 147 are not proper then you can challenge the validity of the notice sent to you before the AO or higher authority as the case may be.
  • If you win this case, the Court will halt the assessment proceedings. However, if the decision goes in the favour of the AO, then he can proceed with the reassessment of your case.

 

We may help you in draft reply.

 

 

Payal Chhajed
CA, Mumbai
2217 Answers
24 Consultations

5.0 on 5.0

Hello Sir,

 

Can you share the copy of the tax notice issued ?

 

Thanks

Damini

Damini Agarwal
CA, Bangalore
329 Answers
19 Consultations

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It completely depends upon the content of the notice and what compliances have you undertaken?

Lakshita Bhandari
CA, Mumbai
3056 Answers
139 Consultations

5.0 on 5.0

Hi,

 

Please share the copy of notice for appropriate apply.

Karishma Chhajer
CA, Jodhpur
1074 Answers
4 Consultations

5.0 on 5.0

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.

Jasmina Jain Shah
CA, Greater Mumbai
280 Answers
3 Consultations

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