Income tax notices 148a and 148: What is Section 148A of

What is Section 148A of the Income Tax Act, and when was it introduced? Section 148A was introduced in the Budget of 2021 through the Finance Act 2022. It requires the Assessing Officer (AO) to conduct an inquiry and give the taxpayer a chance to be heard before issuing a notice under Section 148 for reassessment. Notices are generally issued under section 142 (1), 142 (1), 143 (2), 148 , 139 (9) and 156 of the act. This article explains in detail, the different types of notices issued under Income Tax Act and their respective time limits within which such notices can be issued. Missed The Deadline? The Supreme Court of India, in this case addressed the issue of reassessment notices issued under Section 148 of the Income Tax Act, 1961 in light of the amendments introduced by the Finance Act, 2021. In this article, we will explore Income Tax Section 148A in detail. We'll break it down into simple terms, use real-life analogies, and ensure you fully understand your rights and responsibilities.