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.
Income Tax Notice: 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 can get a notice under section 148 from the Income Tax Department by 31 August 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 50 lakhs in the assessment year 2018-19 or subsequent years, then taxpayers can be sent a notice from the IT Department under sections 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 get a notice
Verify the 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 7 to 30 days to respond to the notice under section 148A. Keep in mind this time limit and submit your reply on time.
If the notice is wrong
If you feel that the notice has been issued in a wrong manner, then while responding to the notice, attach your necessary documents and submit them and put your side. In such a situation, you can ask the Income Tax Department to reopen the case.
