Quick Summary
In a significant move aimed at streamlining the process of issuing notices under Section 148 of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has issued new guidelines via F.No.299/10/2022-Dir(Inv.III)/1522 dated June 26, 2024. These guidelines are set to bring clarity and consistency in the handling of cases involving income that has escaped assessment. Implications for Taxpayers The issuance of these new guidelines marks a significant step towards a more structured an
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The new guidelines aim to streamline and bring clarity and consistency to the process of issuing notices under Section 148 of the Income Tax Act for cases where income has escaped assessment.
The Central Board of Direct Taxes (CBDT) has issued these new guidelines.
The guidelines were issued on June 26, 2024.
Taxpayers can expect a reduction in arbitrary notices, a more predictable timeline for case resolution, and more robust and defensible notices due to an emphasis on documentation and evidence.
Tax professionals and chartered accountants should familiarise themselves with these new guidelines to effectively advise their clients and ensure compliance.
CAclubindia
