Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-what-is-section-148a-notice-and-what-are-the-new-changes-brought-under-budget-2024-441068-2024-08-11 Section 148A of the Income Tax Act allows the Income Tax officers to initiate reassessment proceedings when they suspect that a taxpayer may
Day: December 21, 2024
1👍👍👍👍👍No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/no-more-reopening-re-assessment-of-old-itr-beyond-3-years-if-escaped-income-is-below-rs-50-lakh/articleshow/111955977.cms Synopsis Re-Assessment of Old ITR: Budget 2024 has brought significant relief as tax authorities are no longer allowed to reopen old income tax
2👍👍👍👍👍👍👍Notice issued u/s. 148 after period of six years for AY 2015-16 is barred by limitation: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/notice-issued-u-s148-period-years-ay-2015-16-barred-limitation-itat-mumbai.html?form=MG0AV3 ACIT Vs Manish Financial (ITAT Mumbai) ITAT Mumbai held that validity of notice issued under section 148 of the Income Tax Act for
1👍👍👍👍👍👍👍Decoding Tax Dynamics: Unravelling Legal Complexities in Income Tax Reassessment Notices under Section 148, IT Act Post-Finance Act, 2021 | SCC Times
Clipped from: https://www.scconline.com/blog/post/2024/05/15/decoding-tax-dynamics-unravelling-legal-complexities-in-income-tax-reassessment-notices-under-section-148-it-act-post-finance-act-2021/#fn16 Introduction The landscape of the Income Tax Act of 19611 underwent a substantial transformation with the implementation of the Finance Act, 2021 (FA)2, bringing about significant revisions
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