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of <h1>Section 149 sets reassessment notice time limits: three years general, five years if escaped income exceeds fifty lakh rupees</h1> Section 149 of the Income Tax Act establishes time limits for issuing reassessment notices under sections 148 and 148A. For section 148 notices, the general limit is three years and three months from the assessment year end, extending to five years and three months if escaped income exceeds fifty lakh rupees and supporting documents exist. For section 148A show-cause notices, the limit is three years, extendable to five years under similar conditions regarding fifty lakh rupees threshold. These provisions prevent indefinite reassessment proceedings while allowing extended periods for substantial tax evasion cases.
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