The deadline for income tax payers to declare undeclared income from assessment year 2018-19 is 31 August 2024. For assessment year 2018-19 or subsequent years, if your undeclared income is more than Rs 50 lakh, you may receive a Section 148 notice from the Income Tax Department by August 31, 2024.
In India, if your income is above a certain limit and you fall under the tax bracket, then it is necessary for you to file Income Tax Return. If you make any kind of mistake in filing ITR, then the Income Tax Department has full right to send you an IT notice. The Income Tax Department also has the right to re-evaluate your old ITR.
In this regard, the deadline for income tax payers to declare undeclared income from assessment year 2018-19 is 31 August 2024. For assessment year 2018-19 or subsequent years, if your undeclared income is more than Rs 50 lakh, then you may get a notice under section 148 from the Income Tax Department by August 31, 2024.
These changes have been made in the rules
Let us tell you that earlier the department was given 10 years from the end of the assessment year to initiate such proceedings. Accordingly, the Income Tax Department would have had time till March 31, 2029 for the assessment year 2018-19, but Budget 2024 has reduced the time limit to restart old cases. In such a situation, if the undeclared income is more than Rs 50 lakh in the assessment year 2018-19 or subsequent years, then taxpayers can be sent a notice by the IT Department under Section 148A and 148. If you have also received a notice from the IT department, then know what to do?
Understand what to do if you receive a notice
Verify Notice
If you receive a notice under section 148A, check whether it has been issued within the given time limit or not. Also check whether it has been sent by the local assessing officer or NFAC.
Respond to the notice
Tax payers are given between 7 to 30 days to respond to the notice under section 148A. You must keep this time limit in mind and submit your response on time.
If the notice is incorrect
If you feel that the notice has been issued in a wrong manner, then while replying to the notice, you should attach your necessary documents and submit them and put forth your side. In such a case, you can ask the Income Tax Department to reopen the case.
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