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of <h1>Finance Bill 2024 to Revise Income Tax Assessment Rules; New Notice and Approval Requirements Under Sections 148, 148A</h1> Clause 44 of the Finance (No. 2) Bill, 2024 proposes to replace sections 148 and 148A of the Income-tax Act, effective September 1, 2024. The new provisions require the Assessing Officer to issue a notice before making assessments, reassessments, or recomputations if there is information suggesting income has escaped assessment. The notice must be accompanied by an order under section 148A and specify a return period not exceeding three months. The proposed changes also mandate prior approval from a specified authority if information is obtained under section 135A. Section 148A outlines procedures for providing the assessee an opportunity to be heard before issuing a notice.
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