Simplification of approval regime for issue of notice for re-assessment

[Admin TMI]

Question - What are proposed changes in approval regime for issue of notice for re-assessment in Finance Bill 2015 ?

AI Summary

Proposed Changes to Income Tax Notice Approval Process Under Finance Bill 2015: Section 148 Amendments Effective June 1, 2015. The discussion highlights proposed changes in the approval regime for issuing notices for re-assessment under the Finance Bill 2015. Currently, Section 151 of the Income Tax Act requires sanction from specific authorities before issuing such notices. The proposed simplification mandates that notices under Section 148 cannot be issued within four years from the end of the relevant assessment year without the Joint Commissioner's approval, and beyond four years without approval from higher authorities like the Principal Chief Commissioner. This amendment is set to take effect on June 1, 2015.