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Jul 18, 2021 · Section 149 is modified by Finance Act 2021 and now any case can be reopened within three years from the end of relevant assessment year as per clause (a) of Income Tax Articles
Jul 10, 2023 · Understand the changes in Section 148, 148A, and 149 of the Income Tax Act and their impact on taxpayers. Find an in-depth analysis, interpretations, and a conclusive assessment of the validity of reassessment proceedings.
Section 149 in The Income Tax Act, 1961. 149. Time limit for notice. (1) No notice under section 148 shall be issued for the relevant assessment year,— (a) if three years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b);
May 18, 2022 · Learn about the major defense available to the assessee under section 149 of the Income Tax Act, 1961. Understand how income represented as an asset can benefit taxpayers.
The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts.
Under the provisions of section 149 of the Income-tax Act, the time-limit for issue of notice for reopening an assessment on account of income escaping assessment is 6 years. The time-limit of 6 years is not sufficient in cases where assets are located outside India because gathering information regarding such assets takes much more time on ...
Mar 28, 2021 · Section 149 of the Income Tax Act, 1961 relating to Time Limit for Notice has been amended/ substituted, by the Finance Act 2021, with effect from AY 2021-22, to reduce time limit for re-opening of assessment proceedings from 6 years to 3 years.
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May 14, 2022 · Background. The Finance Act 2021 had substituted sections 147 to 151 with effect from April 1, 2021. Until March 31, 2021, the notice under section 148 for income escaping assessments could be issued within 4 years from the end of the relevant assessment year if the amount of income that has escaped assessment is less than Rs. 1 lakh.
Jun 24, 2022 · Clause by clause analysis of provisions of Reassessment under the Income Tax Act, 1961. By Tushar Hemani, Sr. Advocate and Siddharth Hemani, Law Intern Executive Summary. Law on the existing provisions of reopening is to a great extent settled.
