Income tax notice can come up to 4 years after the financial year ends, plus 3 extra months (i.e., 3 years from the end of Assessment Year).
Example: FY 2025–26 → notice possible till 31-03-2030 (or 30-06-2030).
Menu
Transactions less than Rs.50 lakh: Notice Time
Replies (1)
The countdown starts from the end of the Assessment Year, not the Financial Year. The Finance Act 2024 added this 3-month buffer to give the Tax Department enough time to pass an order under Section 148A (the preliminary inquiry) before officially issuing the reassessment notice. This prevents the "last-minute rush" that used to happen on March 31st every year.
Recent Topics :
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
Related Topics :
CAclubindia
