Re-assessment under Section 148A|Income Tax Act| Narendra Kumar| Corpbiz

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Section 148A of the Income Tax Act, introduced in the Budget of 2021, has ushered in a significant change in the realm of taxation in India.
When can the Income Tax Department Reopen Assessment Under Section 148A?
If the income tax department suspects tax evasion, it can reopen a case under section 148. This happens if the department believes income has been underreported or there’s evidence of deliberate evasion. Reasons include not filing returns, having proof of unreported income, or third-party information indicating missed tax. Once notified, taxpayers have 7 to 30 days to respond with an explanation.
What is the Time Limit for Reopening Assessment Under section 148A?
Under Section 148 of the Income Tax Act, a notice for reassessment cannot be issued beyond certain time limits:
Normal Time Limit: Notices cannot be issued more than 3 years after the end of the relevant assessment year.
Specified Time Limit: If the undisclosed income is Rs 50 lakhs or more, notices can be issued up to 10 years from the end of the relevant assessment year.
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