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Time limit for Notice - Section 149 - Income Tax - Ready Reckoner - Income TaxExtract Time limit for Notice - Section 149(1) 1. Notice u/s 148 can be issued - (a) Up to 3 years from the end of RAY, or (b) Up to 10 years from the end of RAY, Unless AO has in his possession books of A/c's or other documents or evidence which reveal that income chargeable to tax in the form of - (i) an asset, (ii) expenditure in respect of a transaction in relation to an event or an occasion ; or (iii) an entry or entries in the books of account, which has escaped assessment amount to or is likely to amount to ₹50 lakh or more for that year 2. Notice u/s 148 cannot be issued for AY 2021-22 or earlier AY's if such notice could not have been issued as per old provision of section 149 . As per old provision of sec 149 notice could be issued up to 6 years from end of RAY if income escaping amounts to ₹1 Lakh or more. 3 Provided that time limit to issue of notice u/s 148 shall be extended by following time: (i) Time or extended time allowed to assessee to file response of SCN u/s 148A ; and (ii) Time during which proceedings u/s 148A stayed by order of any court. 4. Where due to stay order or injunction of any court, If AO is having less than 7 days does not exceed 7 days [Amended by FA, 2023 ] to pass order u/s 148A then AO will get time of 7 days to pass order u/s 148A and time period to issue notice u/s 148 shall also be increased accordingly. 5. Where the income in the form of an asset or expenditure in relation to an event or occasion of the value of ₹50 lakhs or more, has escaped assessment and the investment in such asset or expenditure in relation to such event or occasion has been made or incurred, in more than 1 PY's, a notice u/s 148 shall be issued for every such AY for assessment or reassessment [ Sec 149(1A) ][ Inserted vide Finance Act, 2022 w.e.f., 01-04-2022]
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