Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
Under Section 147 of Income Tax Act, the Income Tax Department has the power to reassess previously filed income tax return of an individual. The Assessing Officer may take up your ITR for reassessment purpose subject to certain predefined criteria by sending notice under section 148 for income escaping assessment. Let’s discuss more on Assessment and Reassessment notice under section 148 of Income Tax Act.
Table of Contents
As per Section 148 of Income Tax Act- An income tax computation that hasn’t been recomputed or reassessed will get a notice from the IT Department. Moreover, an assessing officer will contact the assessee.
This section talks about the issuance of notice wherein an income has escaped re-computation or assessment. It specifies that the assessing officer will contact the assessee in question by giving them a notice. Such person to whom the notice has been served is required to provide their income returns, the income returns of the person apart from the assessee in question, who is deemed to be assessable according to the provisions of the Act during the year before the relevant assessment year.
The Supreme Court has framed the procedure which can be followed once a notice has been issued under Section 148.
The steps are as follows:
Hence it can be concluded that a notice can be issued from the IT Department under section 148 of income tax act, wherein an income has escaped re-computation or assessment. However, the assessing officer must have concrete evidence that such assessee has evaded assessment of income for the assessment year of relevance.
Read our article:Analysis of Incriminating Material (IM) and Search Assessment
A joint venture is a strategic business arrangement in which two or more companies collaborate...
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
Are you human?: 4 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
There have been several taxpayers who have received notices or intimation for non-disclosure of interest on fixed d...
10 Sep, 2022
As all are aware that the Income Tax Department is the governing body that regulates the income tax collection in I...
06 Sep, 2019
Chat on Whatsapp
Hey I'm Suman. Let's Talk!