Income tax 148
WebUnder the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various ... 148, the difference between the amount of income assessed and the basic exemption WebJul 6, 2024 · Section 149 of the Income Tax Act 2024, prescribes the time limits for issue of notice: No notice under section 148 shall be issued for the relevant assessment year-. …
Income tax 148
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WebSep 7, 2024 · Section 148 of Income Tax Ordinance, 2001 provides that Pakistan Customs will collect the advance tax from every importer. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2024. The Ordinance incorporated amendments brought through Finance Act, 2024. WebJun 24, 2024 · Similarly, application of section 148A is also deferred till 31.03.2024. The CBDT vide serval Notifications had extended the last date for issuance of Notice under …
WebJun 12, 2024 · Section 148 of the Income Tax Act deals with the issuance of a notice wherein any income has escaped recomputation or assessment. For more details can refer our article on A brief on Section 148 of Income Tax Act, 1961. In this article we will discuss about how to reply to such notices. WebMay 9, 2024 · Section 148 of the Income Tax Act talks about issuance of a notice on income that has escaped re-computation or assessment in case there is a “reason to believe” that income that has escaped re-computation or assessment.
WebJul 28, 2024 · AO to give an opportunity to assesses to reply as to why a notice under section 148 should not be issued on the basis of information which suggest that income chargeable to tax has escaped assessment in his case for the relevant assessment year and results of enquiry conducted, if any, as per clause 148A (a); WebSection 148 of the Income Tax Act states that if an individual's taxable income has escaped assessment from the IT department, an Assessing Officer will issue a notice to furnish …
WebApr 15, 2024 · There are many cases where the taxpayers have received notices for reassessment U/s 148A. The cases in the current year range from donation to the political …
WebDisclosure Forms and Information. Revenue Sharing Programs. Estate Tax. Fiduciary Tax. Health Insurance Claims Assessment (HICA) IFTA / Motor Carrier. Individual Income Tax. … can poison damage the mindWebJul 6, 2024 · [S. 148, 149] the Court held that; the date of issue of notice under section 149 of the Income-tax Act, 1961 would be the date on which it was handed over for service to the proper officer, i.e., the Postal Department. The approval was granted by the Principal Commissioner of the Income-tax also on March 30, 2015. The notice was valid. flamethrowers legalWebAug 4, 2024 · Notice under section 148 can be issued only if there is an information with the assessing officer which suggest that income chargeable to tax has escaped assessment in the case of assessee for the relevant assessment year. Information has been defined as per Explanation 1 of Section 148 of the Act. can poetry make moneyWebApr 29, 2024 · Since Section 148A is effective from 1st April 2024, any notice issued to the taxpayer under Section 148 after the said date, without following the procedure under … can points be deducted from taxesWebApr 12, 2024 · Before issuing notice under Section 148 of the Income Tax Act, the Assessing Officer was required to take approval from the Competent Authority under Section.151 of … flamethrowers lake charlesWebJul 17, 2024 · Section 148 of the Income Tax Act, 1961 deals with the issuance of notice wherein any income is found to have escaped re-computation, r assessment or … can poetry have charactersSection 151(1) of the Income Tax Act, 1961 contains the provisions for issue of notice: 1. No notice would be issued by an Assessing Officer under section 148, after expiry of four years from the end of relevant AY (assessment year), unless Principal Chief Commissioner or Principal Commissioner or … See more An individual could receive a notice under section 148 in case the assessing officer believes that such an individual’s income chargeable to tax might have escaped … See more Section 149 of the Income Tax Act, provides that the notice under section 148 could be issued within a period of 4 years from the end of relevant AY … See more The key thing to bear in mind is to not to take the notice lightly. In case you receive the notice under section 148, please follow the below-mentioned pointers: 1. … See more flamethrower slabs