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of <h1>Finance Bill 2024 proposes new time limits for tax notices under sections 148 and 148A; effective September 1, 2024.</h1> Clause 45 of the Finance (No. 2) Bill, 2024, proposes to replace section 149 of the Income-tax Act, setting new time limits for issuing notices under sections 148 and 148A. Notices under section 148 cannot be issued if more than three years and three months have passed since the relevant assessment year, unless the escaped income exceeds fifty lakh rupees, in which case the limit extends to five years and three months. Similarly, section 148A notices are limited to three years, extending to five years if the escaped income exceeds fifty lakh rupees. This amendment is effective from September 1, 2024.
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