| Question And Answer | |
|---|---|
| Subject: | Notice u/s 148A |
| Category: | Income-Tax |
| Querist: | A Mathew |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | notice u/s 148A, Reassessment |
| Date: | April 14, 2022 |
I am in receipt of a notice u/s 148A of the Act relating to AY 2015-2016. I have not filed the return of income during that year inadvertently because the operations resulted in a huge loss and turn over was 95 lakhs only.
Can i file a return of income in response to notice u/s 148A or shall wait for a notice u/s 148 to receive from the department
The assessee has to file reply stating that the assessee had no taxable income and there was loss hence the return was not filed .
Notice under section 148A of the Income-tax Act, 1961 (Act) does not permit the assessee to file the return of Income. The assessee is required to file its objections against initiation of Reassessment based on the information with the Department.
Pursuant to the objections raised by the assessee, the Department shall pass an Order under section 148A(d) of the Act and issue a Notice under section 148 of the Act.
The assessee can file its return of income after receipt of Notice under section 148 of the Act.
If the assessee has carried forward the losses without filing a return, the same will not be allowed to the assessee.