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of <h1>Section 149 Update: New Time Limits for Tax Notices Issued Under Sections 148 and 148A from September 2024.</h1> Section 149 of the Income-tax Act has been revised, effective September 1, 2024, to set 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 end of the relevant assessment year, unless the case involves potential tax evasion of fifty lakh rupees or more, extending the limit to five years and three months. Similarly, section 148A notices cannot be issued after three years unless the potential evasion meets the same monetary threshold, extending the limit to five years.
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