TaxTMI 
TaxTMI 
TaxTMI 
Show cause notice u/s 148A for not submission of ITR for AY 2017-18 on the basis of 26AS. Income is taxable but the return was skipped. How to response ?
Show cause notice u/s 148A for not submission of ITR for AY 2017-18
NIRMAL Kashyap
Show cause notice issued under Section 148A for unfiled tax return; check if escaped income exceeds Rs. 50 lakhs. A show cause notice under section 148A was issued for not submitting an income tax return for the assessment year 2017-18, based on information from Form 26AS. The income is taxable, but the return was not filed. A response is sought on how to proceed. The reply suggests checking the date of the notice and whether the income likely to have escaped assessment exceeds Rs. 50 lakhs. It highlights the provisions of section 149, noting that if the escaped income is less than Rs. 50 lakhs, the limitation period for section 148 proceedings is three years, potentially making them time-barred. (AI Summary)