NEW DELHI: The Central Board of Direct Taxes (CBDT) has asked income tax officials to upload all information required to issue notices for the assessment year 2015-16 and 2018-19 under Section 148 latest by December 20 of this year to avoid any delay.
It has also asked that the officers must file all information in accordance with Section 149(1)(b), which says that in specific cases where the assessing officer has in his possession evidences that income escaping assessment amounts to Rs 50 lakh or more, notices can be sent beyond three years.
"It is directed that the information pertaining to assessment year 2015-16 and assessment year 2018-19, which requires action under Section 148 of the Income Tax Act shall be identified and uploaded on the Insight portal only as per the provisions of section 149(1)(b) of the Act. The exercise of identifying and uploading the information along with the underlying documents in the above categories of cases must be completed by 20 December 2021," The CBDT said in a circular to the department.
Section 148 of the Income Tax Act deals with the issuance of a notice wherein any income has escaped reporting or assessment. This comes as, on Wednesday, the Delhi High Court quashed over 1,300 reassessment notices of tax liability, for years prior to three assessment years, as these notices were issued beyond between April 1 and June 30, 2021.
The law change was supposed to come into effect from April 1, 2021. But income tax authorities have extended the time limit to June 30, 2021, on account of the second wave.