Notice u/s 148 refers to a formal communication issued by the Income Tax Department in India when they intend to reopen and reassess a taxpayer’s income for a previous financial year. This notice is sent if the tax authorities believe that some income has escaped assessment or was not properly disclosed in the original tax return. Upon receiving a Notice under Section 148, the taxpayer is required to respond within a specified time, usually by filing a revised return or providing necessary information. This process helps ensure accurate tax compliance and prevents underreporting of income. For small business owners and first-time entrepreneurs, it is important to treat this notice seriously and seek timely assistance to comply with the reassessment process. Detailed guidance on handling such notices and other income tax compliance matters can be found at FinTax24’s dedicated Income Tax solutions page: https://services.fintax24.in/5-income-tax.
Notice u/s 148