Issue of notice where income has escaped assessment - Section 148 - From 01.09.2024 - Income Tax - Ready Reckoner - Income Tax

W.e.f. 01.09.2024 Issue of notice where income has escaped assessment [ Section 148 ] [ Substituted vide Finance (No. 2) Act, 2024 ] Issuing of Notice under section 148 [ Section 148(1) ] Before making the assessment, reassessment or recomputation under section 147 , - the Assessing Officer shall issue a notice to the assessee, requiring him to furnish, within such period as may be specified in the notice, not exceeding three months from the end of the month in which such notice is issued, a return of his income or income of any other person in respect of whom he is assessable under this Act during the previous year corresponding to the relevant assessment year. Before issuing the notice u/s 148 the assessing office shall follow the procedure specified of section 148A, along with a copy of the order passed under section 148A(3). No notice shall be issued u/s 148 unless there is information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant assessment year. the meaning of the information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment for the purpose of define u/s 148(3). Required Prior approval where the Assessing Officer has received information under the scheme notified under section 135A, no notice under this section shall be issued without prior approval of the specified authority. Furnishing return of Income [ Section 148(2) ] The return of income required u/s 148(1) shall be furnished in such form and verified in such manner and setting forth such other particulars, as may be prescribed, and the provisions of this Act shall, apply accordingly as if such return were a return required to be furnished under section 139; any return required to furnished the return after the expiry of the period specified in the notice issued u/s 148(1), shall not be deemed to be a return under section 139. Meaning of The information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment [ Section 148(3) ] The information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means, (i) any information in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time; or (ii) any audit objection to the effect that the assessment in the case of the assessee for the relevant assessment year has not been made in accordance with the provisions of this Act; or (iii) any information received under an agreement referred to in section 90 or section 90A of the Act; or (iv) any information made available to the Assessing Officer under the scheme notified under section 135A; or (v) any information which requires action in consequence of the order of a Tribunal or a Court; or (vi) any information in the case of the assessee emanating from survey conducted under section 133A, other than u/s 133A(2A), on or after the 1st day of September, 2024. Specified authority means the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director, as the case may be. [ Section 151 ]