Notice u/s 148 of income tax act

Tax queries 1956 views 2 replies

kartik sharma

4 Points Joined April 2017

Mr A recd a notice u/s 148 for income escaped assessment and the A.O wants him to file the ITR again for A.Y 10-11 ( notice dtd:30.03.17), now so far as he knows this notice is because he did't show FD interest of one FD that time which is 33000 (however bank deducted TDS on that) and after total tax calculation tax amount is increased after adding that FD interest income
1.so now A want to file the return as A.O demands
2and he wants to pay tax which was not paid that time

pls tell me is this solution correct and one more thing do we have to pay any interest u/s 234A or B or C
and the return filed by us in reply of notice u/s 148 is in the status of orignal return or revised return

pls answer

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208788 Points Joined July 2016

"Mr A recd a notice u/s 148 for income escaped assessment and the A.O wants him to file the ITR again for A.Y 10-11 ( notice dtd:30.03.17)"

As per different sections of IT act:: "notice u/s 148 can be issued within 4 years from the end of relevant assessment year if the income escaped does not exceed one lac Rs. If the income escaped is Rs. one lac or more the notice u/s 148 can be issued within 6 years from the end of relevant assessment year."

So your statement :: now so far as he knows this notice is because he did't show FD interest of one FD that time which is 33000 (however bank deducted TDS on that)" seems to be incomplete. There must some other income aggregating to 1 lakh or more which escaped assessment!!!!!!!!!!

KD SIngh

Consultant

43 Points Joined March 2021

I have a question in this regard for the escaped assessment amount - Since bank has already deducted 10 percent on the FD interest. So remaining amount of interest on which the tax was not paid is the escaped assessment? Or the the entire FD interest amount will be taken as escaped assessment ? Because the total FD interest should be shown as "Income from other source". Please Clarify.