How do you respond to a 148 notice?
With respect to the above Notice issued, I would like to state as under: Your honour had issued Notice u/s 148, under Old Regime, dated ___/___/2021 bearing DIN _______________________ pertaining to Asst.
What is the time limit to issue notice u/s 148?
| Section | Nature of compliance | Limitation of time |
|---|---|---|
| 149(1) | Issuing notice under section 148 : | |
| If the escaped assessment amounts to or likely to amounts to — | ||
| (i) less than Rs. 50,00,000 | Within 3 years from end of relevant assessment year | |
| (ii) Rs. 50,00,000 or more | Within 10 years from end of relevant assessment year |
What is return u/s 148?
A Section 148 reassessment notice is a reassessment or assessment done on a previously filed income tax return if it meets the conditions of an Income Escaping Assessment.
Can we revise return filed under section 148?
(f) ITR can be revised on receipt of notice under section 148 as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. If the ITR is revised before the notice under Section 148 is issued, then there is no penalty.
What happens if I don’t respond to the notice within 30 days?
The taxpayer can respond to the notice. If no response is received within 30 days from issue of notice, the adjustment is made,” he added. A notice can also be issued if you fail to file your return within the prescribed time.
What is the treatment for income escaping assessment?
Judicial Decisions relating to Income Escaping Assessment
Income cannot be considered to have escaped if the proceedings have not resulted in a final assessment. Reassessments shall be pursued only after the issue of notice to the assessee. The assessment should only be pursued by the officer who has issued the notice.
Can 148 notice be issued twice?
Respondents are not precluded from invoking section 148 of the Income-tax Act, 1961 for the 2nd time as the issue as to whether income had escaped assessment or not was decided by the Commissioner of Income-tax (Appeals) on merits. Therefore, the impugned notices were not only in time but also in accordance with law.
Is there any penalty for revised ITR?
If need be, you can also change the ITR form while revising the tax return. “No penalty can be levied by the department for revising bonafide mistakes. Interest under sections 234B and 234C will be recalculated under every revised return.
Is it mandatory to give reply to lawyer notice?
However, it is not mandatory to reply to the legal notice in every case, except in cases where a statutory notice is sent before initiating any legal action. Yet it is advisable to reply to legal notice within the time limit provided in the notice sent by the sender.
What if legal notice is not accepted?
Per Law : refusal to accept notice is good service. that means you can expect next step /stage of litigation. contact your lawyer immediately, sign Vakil patra and ask him to be observer, if needed he/she may file Vakilpatra at appropriate situation.
How many years can income tax go back in India?
In Budget 2021, the time limit for reopening of assessment was halved from six years from the end of the assessment year, to three years. This was barring those cases where the income that had escaped tax and represented by an asset exceeded Rs 50 Lakh, in which case, the time limit would be 10 years.
How do you start proceedings against the income escaping assessment?
Reassessments shall be pursued only after the issue of notice to the assessee. The assessment should only be pursued by the officer who has issued the notice. The Assessing Officer must record his reasons before proceeding with the issue of notice.
How many times I can revise my ITR?
There is no limit for the number of times you can file a revised return. Remember, every time you file a revised return, you are required to provide details of your original ITR.
How many times rectification can be filed?
You can file another Rectification ONLY once the previous one is processed in CPC. You will get an Order u/s 154 once the Rectification is processed. To view the status of your e-Filed Rectification, LOGIN and GO TO ‘My Account’ → ‘Rectification status’.
What happens if I dont reply to a legal notice?
The consequences of not replying to notice is not an offence under the law, however, one must bring on record the relevant facts/ averments in his defence. In case no response is sent, and a legal action is initiated by the sender, the Court may take adverse inference against the defaulting party.
What happens if you ignore lawyers letters?
Ignoring a demand letter — particularly if you don’t read it at all — usually gives the obligee no other choice but to initiate a formal legal action against you or your business, perhaps even sooner than they otherwise would have.
What is the validity of a legal notice?
THE VALIDITY OF A LEGAL NOTICE
It explicitly mentions the conditions and process, which include that the legal notice shall be filed within 2 months of the objectionable act committed by the public officer.
What happens if we do not respond to income tax notice?
“According to the current income tax laws, the time limit to respond to this is 30 days. If you do not respond to the notice within the stipulated time period, the department shall proceed with the proposed adjustment to the total income as mentioned in the notice issued u/s 143(1) of the Income-tax Act.
How do you avoid income tax scrutiny?
How to dodge
- Request your employer or any person who is deducting TDS on your income to deposit the amount with government treasury and file TDS return in due time.
- Always first reconcile the actual TDS that has been deducted from your income with your Tax Credit Statement (Form 26AS).
What is the penalty for wrong ITR filing?
The rate of penalty shall be fifty per cent of the tax payable on under-reported income. However, in a case where under-reporting of income results from misreporting of income, the taxpayer shall be liable for penalty at the rate of two hundred per cent of the tax payable on such misreported income.
What is the difference between rectification and revised return?
A revised return is filed before the Income Tax Department completes assessment of your ITR. A rectification, on the other hand, can be filed only after you receive an intimation from CPC Bangalore for the e-return under Section 143(1) or Section 154 of the Income Tax Act.
What is the time limit for rectification of mistake apparent from record?
Time-limit for rectification
In case an application for rectification is made by the taxpayer, the authority shall amend the order or refuse to allow the claim within 6 months from the end of the month in which the application is received by the authority.
Is it mandatory to reply a legal notice?
Do I have to respond to a lawyers letter?
If you do not respond by the deadline set by the other party, nothing will happen automatically. Rather, the other party will need to decide whether they want to proceed with suing you. If they choose to sue you, their lawyer will need to file a statement of claim in the relevant court and then serve the claim on you.