Income Tax Notice Alert: The last date for the Income Tax Department to send notices in the event of an investigation of undeclared income is August 31, 2024. According to Income Tax rules, if an individual’s income exceeds Rs 50 lakh and they haven’t reported it to the department in the previous year, they can receive a notice until August 31.
A CA, on the condition of anonymity, said, “I have heard from income tax assessment officers that most of their transfer orders have been put on hold till August 31, 2024, and they are being asked to find evidence and hsm to reopen the cases of AY 2018-19.” The time limit for issuing notice was reduced.
For the assessment year 2018-19, notice under section 148 for the reopening of the assessment could be issued up to ten years from the end of the respective assessment year, i.e., up to March 31, 2029. However, the proposed provisions, effective from September 1, 2024, have reduced the time limit to June 30, 2024. Therefore, the deadline for issuing notices under Sections 148A and 148 will be August 31, 2024.”
In these cases, you will receive notice.
You should be aware that you can receive a Section 148 notice by August 31, 2024, if the income exempt from assessment is Rs 50 lakh or more and relates to AY 2018-19 or the period thereafter. If your case does not meet these conditions, then the department will not send you a notice. Experts say that because of the short time limit, you will not have enough time to respond to Section 148’s notice. Maheshwari says.
Taxpayers will get a chance to present their side.
To issue a notice under Section 148 or 148A, the officer must possess solid information about tax evasion and adhere to the entire protocol. Before issuing a notice under Section 148, the taxpayer will have to present his side. The taxpayer must receive a full opportunity.