November 2024

Capital Gains Income

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capital gains income

Capital gain is denoted as the net profit that an investor makes after selling a capital asset exceeding the price of purchase. The entire value earned from selling a capital asset is considered as taxable income. To be eligible for taxation during a financial year, the transfer of a capital asset should take place in the previous fiscal year. Financial gains against a sale of an asset are not applicable to inherited property. It is considered only in case of transfer of ownership. According to the Income Tax Act, assets received as gifts or by inheritance are exempted in the calculation of income for an individual. Buildings, lands, houses, vehicles, Mutual Funds, and jewelry are a few examples of capital assets. Also, the rights of management or legal rights over any company can be considered as capital assets.  What Is a Capital Gain? A capital gain refers to the increase in the value of a capital asset that is realized when it is sold. In other words, a capital gain occurs when you sell an asset for more than what you paid to purchase it. The Internal Revenue Service (IRS) taxes individuals on capital gains under certain circumstances. Almost any type of asset you own is a capital asset. They can include investments such as stock, bonds, or real estate, and items purchased for personal use, such as furniture or a boat. The following are not included under capital assets Any stock, consumables or raw materials that are held for the purpose of business or profession. Goods such as clothes or furniture that are held for personal use. Land for agriculture in any part of rural India. Special bearer bonds that were issued in 1991. Gold bonuses issued by the Central Government such as the 6.5% gold bonus of 1977, 7% gold bonus of 1980 and defense gold bonus of 1980. Gold deposit bonds that were issued under the gold deposit scheme (1999) or the deposit certificates that were issued under the Gold Monetisation Scheme (2015). Types of Capital Gain Short Term Capital Gain If an asset is sold within 36 months of acquisition, then the profits earned from it is known as short term capital gains. For instance, if a property is sold within 27 months of purchase, it will come under short term capital gains.  However, tenure varies in the case of different assets. For Mutual Funds and listed shares, Long term capital gain happens if an asset is sold after holding back for 1 year. Long Term Capital Gain The profit earned by selling an asset that is in holding for more than 36 months is known as long-term capital gains. After 31st March 2017, a holding period for non-moveable properties was changed to 24 months. However, it is not applicable in case of movable assets such as jewelry, debt-oriented Mutual Funds, etc.  Furthermore, a few assets are considered as short-term capital assets if the holding period is less than 12 months. Here is a list of assets that are considered according to the rule mentioned above –  Equity shares of any organization listed on a recognized Indian stock exchange. Securities like bonds, debentures, etc. that are listed on any Indian stock exchange. UTI units, regardless of being quoted or unquoted. Capital gain on Mutual Funds that are equity-oriented, whether they are quoted or not. Zero-coupon bonds. All the assets mentioned above are considered as long-term capital assets if they are held for 12 months or more. In case of any asset acquired by inheritance or gift, then the period for which an asset is owned by a previous owner is considered. Calculation of Capital Gains Full Value Consideration –  It is the consideration that is received by a seller in return for a capital asset.  Cost of Acquisition –  The cost of acquisition is the value of an asset when a seller acquires it. Cost of Improvement –  The cost of improvement is the amount of expenses incurred by a seller in making any additions or alterations to a capital asset. To calculate the value of short term capital gain, the full amount of consideration is required to be determined at first. From the obtained value, cost of acquisition, cost of improvement and the total expenditure incurred concerning the transfer of ownership has to be deducted. This resultant value will be the capital gain on investments. Indexed Cost of Acquisition The cost of acquisition is calculated on the present terms by applying the CII (Cost Inflation Index). It is done to adjust the values by taking into account the inflation that takes place over the years while holding the asset. The indexed cost of acquisition can be estimated as the ratio of the Cost Inflation Index (CII) of the year when an asset was sold by a seller and that of the year when the property was acquired or the financial year 2001-2002, whichever is later multiplied by the Cost of acquisition. Suppose, a person acquired an asset at Rs. 50 Lakh in the financial year 2004-2005 and she decided to transfer the property in the fiscal year 2018-19. The CII of the financial year 2004-05 and 2018-19 were 113 and 280 respectively. Therefore, the indexed cost of acquisition will be 50 X 280 / 113 = Rs. 123.89 Lakh. Indexed Cost of Improvement The indexed cost of the improvement is calculated by multiplying the associated cost of improvement that was required to the CII of the year divided by the CII of the year in which the improvement took place. Tax Exemptions on Capital Gains 1. Section 54 If an amount earned by selling a residential property is invested to purchase another property, then the capital gains earned by transferring the ownership of a property is tax exempted. However, deductions can be claimed only if the following conditions are met –  Individuals are required to purchase a second property within 2 years of sale or 1 year before transferring the ownership. In the case of an under-construction property, the purchase of a second property should be

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Minimum Wages in India

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Minimum Wages in India

The minimum wages act, 1948, is the minimum amount that an organisation has to pay a particular employee (skilled or unskilled) for a specific job at a particular time that any contract agreement or collective agreement cannot reduce. The Minimum Wage Act was first implemented in 1948 and took effect on 15 March. The Act also created the Tripartite Committee of Fair Wage. This committee was formed to set the minimum wage guidelines in India. It defined the minimum wage and the criteria for its calculation. It set the foundation for the wage fixation process in India. Minimum Wages Act Minimum Wages Act is Central legislation that is administered by both the Central and State Government. The State Government is responsible for fixing minimum rates of wages for different classes of employees, make rules, appoint inspectors and an authority to decide claims relating to non-payment of minimum wages. Every State fixes the minimum wages which are also revisable for every five years Purpose of Minimum Wage Act, 1948 The importance of the Minimum wage act 1948 is to prevent employee exploitation and ensure a decent living for a worker. The Act provides that the government will fix the minimum wage rate and revise it every five years. It appoints advisory committees to consider the proposals. The government must follow the guidelines and implement them as soon as possible. In many cases, this means announcing the changes to the law before the public. The Act was introduced in 1948, and it was amended in 2000 The changes included a change in the floor level for minimum wages Currently, the minimum wage floor in India is 115, but the law also gives exceptions for certain employees The lowest floors are in Andhra Pradesh, Kerala, and Gujarat In addition to this, the new law provides for higher minimum wages for workers with disabilities  The act requires the government to consult with the committee and the representatives of the people affected by the minimum wage.  The committee determines the minimum rate of the act The government must publish it in the official newspapers and enforce it within three months The government must inform the affected parties of the proposed minimum wage by publishing the decision in a national daily In case of non-payment of wages, the authority must pay ten times the difference Fixation and Revision of Minimum rates The Minimum Wages Act, 1948, for the most part, indicates the lowest pay permitted by law rates on an everyday basis and stretches out to the whole nation. It is overhauled every five years, but there is an arrangement to increment the dearness allowance every two years. ILC first suggested the standards for fixing and amending minimum wages. Update of the lowest pay permitted by law rates depends on a ‘typical cost for many everyday items list’, and wages can be fixed for a whole state, some portion of the state, class or classes, and occupations relating to these classifications. The obsession with wages depends on the standards referenced and a compensation board (different for various industries). Under the Minimum Wages Act, State and Central Governments can fix and reexamine the least wages.  The demonstration determines that the “suitable” government ought to improve the wages; for example, if the wages to be fixed are according to any power of the Central Government or Railway organisation, then the Central government fixes it Assuming that the compensation rate is to be fixed or amended for planned work, the separate state legislatures set it The Centre fixes the National floor level Minimum Wage that is lower than most states’ individual least wages The vagueness and cross-over in the locale of government levels have caused discussions and contentions One of such discussions spins around fixing wage paces of MGNREGA plot and a business ensure drive by the Central Government The Objective of the Minimum Wages Act The Minimum wage Act 1948 accommodates fixing wage rates (time, piece, ensured time, additional time) for any industry. 1) While fixing hours for an ordinary working day according to the demonstration, ought to ensure the accompanying: The number of hours to be fixed for an ordinary working day should have at least one stretch/break One three-day weekend from a whole week ought to be given to the representative for rest Installation for the day chosen to be given for rest ought to be paid at a rate at the very least the additional time rate 2) If a representative is engaged with work that classifies his service in at least two booked vocations, the worker’s pay will incorporate a particular compensation pace of all work for the number of hours devoted at each undertaking. 3) The business must keep records of all workers’ work, wages, and receipts. 4) Appropriate legislatures will characterise and dole out the errand of review and choose examiners for the equivalent. FAQs What is the Minimum Wage in India? The Minimum Wage in India is the lowest wage that employers are legally required to pay their workers. It varies by state, sector, and type of employment (skilled, semi-skilled, or unskilled workers). The minimum wage ensures that workers are compensated fairly for their labor, and it is set by both the central and state governments. Who Sets the Minimum Wages in India? Central Government: The central government sets minimum wage rates for workers in industries that fall under its jurisdiction (such as railways, mines, and oil sectors). State Governments: State governments have the authority to set minimum wage rates for all other sectors within their state boundaries.

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Section 50 – Finance Acts

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Amendment of section 192 In section 192 of the Income-tax Act, with effect from the 1st day of October, 2024,— (I)   in sub-section (1C), for the words, brackets and figures “clause (vi) of sub-section (2)”, the words, brackets and figures “sub-clause (vi) of clause (2)” shall be substituted; (II)   in sub-section (2A), the words, brackets and figure “sub-section (1) of” shall be omitted; (III)   for sub-section (2B), the following sub-section shall be substituted, namely:—     ‘(2B) Where an assessee who receives any income chargeable under the head “Salaries” has, in addition,— (i)   any income chargeable under any other head of income (not being a loss under any such head other than the loss under the head “Income from house property”); or (ii)   any tax deducted or collected under the provisions of Part B or Part BB of this Chapter, as the case may be,     for the same financial year, he may send to the person responsible for making the payment referred to in sub-section (1), the particulars of— (a)   such other income; (b)   any tax deducted or collected under any other provision of Part B or Part BB of this Chapter, as the case may be; and (c)   the loss, if any, under the head “Income from house property”; in such form and verified in such manner as may be prescribed, and thereupon the person responsible as aforesaid shall take into account the particulars referred to in clauses (a), (b) and (c) for the purposes of making the deduction under sub-section (1): Provided that this sub-section shall not in any case have the effect of reducing the tax deductible from income under the head “Salaries”, except where the loss under the head “Income from house property” and the tax deducted in accordance with other provisions of Part B and tax collected in accordance with the provisions of Part BB, of this Chapter, has been taken into account.

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Section 49 – Finance Acts

Finance Acts / /

Substitution of new Chapter for Chapter XIV-B 158B. Definitions.—In this Chapter, unless the context otherwise requires,— (a)   “block period” means the period comprising previous years relevant to six assessment years preceding the previous year in which the search was initiated under section 132 or any requisition was made under section 132A and also includes the period starting from the 1st day of April of the previous year in which search was initiated or requisition was made and ending on the date of the execution of the last of the authorisations for such search or such requisition; (b)   “undisclosed income” includes any money, bullion, jewellery or other valuable article or thing or any expenditure or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this Act, or any expense, exemption, deduction or allowance claimed under this Act which is found to be incorrect, in respect of the block period.     Explanation.—For the purposes of this Chapter, the last of the authorisations shall be deemed to have been executed,— (a)   in the case of search, on the conclusion of search as recorded in the last panchnama drawn in relation to any person in whose case the warrant of authorisation has been issued; (b)   in the case of requisition under section 132A, on the actual receipt of the books of account or other documents or assets by the Authorised Officer. 158BA. Assessment of total income as a result of search – (1) Notwithstanding anything in any other provisions of this Act, where on or after the 1st day of September, 2024, a search is initiated under section 132, or books of account, other documents or any assets are requisitioned under section 132A, in the case of any person, then, the Assessing Officer shall proceed to assess or reassess the total income of the block period in accordance with the provisions of this Chapter. (2) The assessment or reassessment or recomputation under the provisions of this Act (other than this Chapter), if any, pertaining to any assessment year falling in the block period, pending on the date of initiation of the search under section 132, or making of requisition under section 132A, as the case may be, shall abate and shall be deemed to have abated on the date of initiation of search or making of requisition. (3) Where during the course of any pending proceeding for the assessment or reassessment or recomputation under the provisions of this Act (other than this Chapter), a reference under sub-section (1) of section 92CA has been made, or an order under sub-section (3) of section 92CA has been passed, such assessment or reassessment or recomputation, along with such reference made or order passed, as the case may be, shall also abate and shall be deemed to have abated on the date of initiation of search or making of requisition. (4) Where any assessment under the provisions of this Chapter is pending in the case of an assessee in whose case a subsequent search is initiated, or a requisition is made, such assessment shall be duly completed, and thereafter, the assessment in respect of such subsequent search or requisition shall be made under the provisions of this Chapter: Provided that in a case where the period of completing the assessment in respect of subsequent search is less than three months such period shall be extended to three months from the end of the month in which the assessment in respect of the earlier search was completed. (5) If any proceeding initiated under this Chapter or any order of assessment or reassessment made under clause (c) of sub-section (1) of section 158BC has been annulled in appeal or any other legal proceeding, then, notwithstanding anything in this Chapter or section 153, the assessment or reassessment relating to any assessment year which has abated under sub-section (2) or sub-section (3), shall revive with effect from the date of receipt of the order of such annulment by the Principal Commissioner or Commissioner: Provided that such revival shall cease to have effect, if such order of annulment is set aside. (6) The total income (other than undisclosed income) of the assessment year relevant to the previous year in which the last of the authorisations for a search is executed or a requisition is made, shall be assessed separately in accordance with the other provisions of this Act. (7) The total income relating to the block period shall be charged to tax, at the rate specified in section 113, as income of the block period irrespective of the previous year or years to which such income relates. 158BB. Computation of total income of block period – (1) The total income referred to in sub-section (1) of section 158BA of the block period shall be the aggregate of the following, namely:— (i)   total income disclosed in the return furnished under section 158BC; (ii)   total income assessed under sub-section (3) of section 143 or section 144 or section 147 or section 153A or section 153C prior to the date of initiation of the search or the date of requisition, as the case may be; (iii)   total income declared in the return of income filed under section 139 or in response to a notice under sub-section (1) of section 142 or section 148 and not covered under clause (i) or clause (ii); (iv)   total income determined where the previous year has not ended, on the basis of entries relating to such income or transactions as recorded in the books of account and other documents maintained in the normal course on or before the date of last of the authorisations for the search or requisition relating to such previous year; (v)   undisclosed income determined by the

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Section 48 – Finance Acts

Finance Acts / /

Amendment of section 153 In section 153 of the Income-tax Act, with effect from the 1st day of October, 2024,— (I)   after sub-section (1A), the following sub-section shall be inserted, namely:—     “(1B) Notwithstanding anything in sub-section (1), where a return is furnished in consequence of an order under clause (b) of sub-section (2) of section 119, an order of assessment under section 143 or section 144 may be made at any time before the expiry of twelve months from the end of the financial year in which such return was furnished.”; (II)   in sub-section (3), for the words and figures “order under section 254” wherever they occur, the words and figures “order under section 250 or section 254” shall be substituted; (III)   in sub-section (8),— (i)   for the word, figures and letter “section 153B” at both the places where they occur, the words, figures and letters “section 153B or section 158BE” shall be substituted; (ii)   for the words, brackets, figures and letter “revived under sub-section (2) of section 153A”, the words, brackets, figures and letters “revived under sub-section (2) of section 153A or sub-section (5) of section 158BA” shall be substituted; (IV)   in Explanation 1, after the fifth proviso, the following proviso shall be inserted, namely:—     “Provided also that where after exclusion of the period referred to in clause (xii), the period of limitation for making an order of assessment, reassessment or recomputation, as the case may be, ends before the end of the month, such period shall be extended to the end of such month.”.

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Section 47 – Finance Acts

Finance Acts / /

Amendment of section 152 In section 152 of the Income-tax Act, after sub-section (2), the following sub-sections shall be inserted with effect from the 1st day of September, 2024, namely:— “(3) Where a search has been initiated under section 132 or requisition is made under section 132A, or a survey is conducted under section 133A [other than under sub-section (2A) of the said section], on or after the 1st day of April, 2021 but before the 1st day of September, 2024, the provisions of sections 147 to 151 shall apply as they stood immediately before the commencement of the Finance (No. 2) Act, 2024. (4) Where, in a case other than that covered under sub-section (3) a notice under section 148 has been issued or an order under clause (d) of section 148A has been passed, prior to the 1st day of September, 2024, the assessment, reassessment or recomputation in such case shall be governed as per the provisions of sections 147 to 151, as they stood immediately before the commencement of the Finance (No. 2) Act, 2024.”.

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Section 46 – Finance Acts

Finance Acts / /

Substitution of new section for section 151  For section 151 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of September, 2024, namely:— “151. Sanction for issue of notice. – Specified authority for the purposes of sections 148 and 148A shall be the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director, as the case may be.”.

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Section 45 – Finance Acts

Finance Acts / /

Substitution of new section for section 149 For section 149 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of September, 2024, namely:— “149. Time limit for notices under sections 148 and 148A. – (1) No notice under section 148 shall be issued for the relevant assessment year,— (a)   if three years and three months have elapsed from the end of the relevant assessment year, unless the case falls under clause (b); (b)   if three years and three months, but not more than five years and three months, have elapsed from the end of the relevant assessment year unless the Assessing Officer has in his possession books of account or other documents or evidence related to any asset or expenditure or transaction or entries which show that the income chargeable to tax, which has escaped assessment, amounts to or is likely to amount to fifty lakh rupees or more. (2) No notice to show cause under section 148A shall be issued for the relevant assessment year,— (a)   if three years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b); (b)   if three years, but not more than five years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment, as per the information with the Assessing Officer, amounts to or is likely to amount to fifty lakh rupees or more.

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LEI for Non-individual Borrowers

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LEI for Non-individual Borrowers

LEI, a unique global identifier for legal entities participating in financial transactions, is designed to create a global reference data system that uniquely identifies every legal entity, in any jurisdiction, that is party to a financial transaction. It is a unique 20-character code to identify legally distinct entities that engage in financial transactions. Legal Entity Identifier (LEI) Legal Entity Identifier (LEI) is a 20-digit unique generated number used to identify parties worldwide to ignore financial activities and obtain precise financial data, hence controlling risk.The Legal Entity Identifier (LEI) is produced independently for each non-individual party and is not relevant in customer transactions where both the remitter and the beneficiary are persons.The goal of developing the Legal Entity Identifier (LEI) is to create a worldwide reference data system that uniquely identifies every legal entity in any country that is involved in a financial transaction.Borrowers must renew their Legal Entity Identifier (LEI) by the guidelines of the Global Legal Entity Identifier Foundation (GLEIF), and Banks and Financial Institutions are responsible for the renewal. RBI guidelines for Legal Entity Identifier (LEI) for Borrowers The central bank stated in a notification Circular no. RBI/2022-23/34 DOR.CRE.REC.28/21.04.048/2022-23, Dated: 21.04.2022 that following a review, it has been determined that the rules on LEI would be extended to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs). Previously, the RBI decided in Circular no. RBI/2017-18/82 DBR No.BP.BC.92/21.04.048/2017-18, Dated: 02.11.2017, that banks should advise their existing large corporate borrowers with total exposures of Rs. 50 crore and above to obtain LEI codes within the timeframes specified in the schedule annexed to the Circular. Banks should also push major borrowers to get LEI for both their parent organization and their subsidiaries and affiliates. The RBI has now decided to extend the Legal Entity Identifier (LEI) rules to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs). Furthermore, the RBI has advised that non-individual borrowers with aggregate exposure of Rs. 5 crores or more from banks and financial institutions must get LEI codes within the timeframes mentioned in the Circular. All fund-based and non-fund-based (credit and investment) exposure of banks/FIs to the borrower should be included in the word “exposure.” The higher the aggregate sanctioned limit or the outstanding balance must be used for this purpose. Furthermore, the RBI has said that borrowers who do not secure LEI codes from an approved Local Operating Unit (LOU) would not be awarded any new exposure or renewal/enhancement of any existing exposure. Departments/Agencies of the Central and State Governments, however, are excluded from the clause if they are not Public Sector Undertakings registered under the Companies Act, 2013 or constituted as Corporations under the appropriate law. Who needs a Legal Entity Identifier (LEI)? The legal entity identifier (LEI) is compulsory in the making of interest rates, forex, and market outflows. The Reserve Bank of India (RBI) has also made LEI mandatory for companies and organizations with full fund-based and non-funded credit exposure over Rs ​​50 crore. Documents required for registration of LEI Power of Attorney or legal letter Incorporation Certificate  Certificate of Incumbency Registry Extract or official filling Article of Association Any other mandatory document that verifies the required LEI data, such as an annual report, Directors’ register, your audited accounts, etc. Timeline to obtain LEI by Borrowers Exposure  Timeline  Over Rs. 25 crore 30 April, 2023 Above Rs. 10 crores and up to 25 crore 30 April, 2024 Rs. 5 crore- Rs 10 crore 30 April, 2025 FAQs What is an LEI (Legal Entity Identifier)? An LEI (Legal Entity Identifier) is a unique 20-character code used to identify legally distinct entities involved in financial transactions. The LEI helps to enhance transparency in the global financial markets and improves the ability to track and monitor financial transactions across borders. It is issued to companies, government entities, and other legal organizations. Who is required to obtain an LEI for non-individual borrowers? Companies Partnerships Limited Liability Partnerships (LLPs) Trusts

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Section 44 – Finance Acts

Finance Acts / /

Substitution of new sections for sections 148 and 148A For sections 148 and 148A of the Income-tax Act, the following sections shall be substituted with effect from the 1st day of September, 2024, namely:— ‘148. Issue of notice where income has escaped assessment.— (1) Before making the assessment, reassessment or recomputation under section 147, the Assessing Officer shall, subject to the provisions of section 148A, issue a notice to the assessee, along with a copy of the order passed under sub-section (3) of section 148A, requiring him to furnish, within such period as may be specified in the notice, not exceeding three months from the end of the month in which such notice is issued, a return of his income or income of any other person in respect of whom he is assessable under this Act during the previous year corresponding to the relevant assessment year: Provided that no notice under this section shall be issued unless there is information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant assessment year: Provided further that where the Assessing Officer has received information under the scheme notified under section 135A, no notice under this section shall be issued without prior approval of the specified authority. (2) The return of income required under sub-section (1) shall be furnished in such form and verified in such manner and setting forth such other particulars, as may be prescribed, and the provisions of this Act shall, apply accordingly as if such return were a return required to be furnished under section 139: Provided that any return of income required under sub-section (1), furnished after the expiry of the period specified in the notice under the said sub-section, shall not be deemed to be a return under section 139. (3) For the purposes of this section and section 148A, the information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means,— (i)   any information in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time; or (ii)   any audit objection to the effect that the assessment in the case of the assessee for the relevant assessment year has not been made in accordance with the provisions of this Act; or (iii)   any information received under an agreement referred to in section 90 or section 90A of the Act; or (iv)   any information made available to the Assessing Officer under the scheme notified under section 135A; or (v)   any information which requires action in consequence of the order of a Tribunal or a Court; or (vi)   any information in the case of the assessee emanating from survey conducted under section 133A, other than under sub-section (2A) of the said section, on or after the 1st day of September, 2024. 148A. Procedure before issuance of notice under section 148 – (1) Where the Assessing Officer has information which suggests that income chargeable to tax has escaped assessment in the case of an assessee for the relevant assessment year, he shall, before issuing any notice under section 148 provide an opportunity of being heard to such assessee by serving upon him a notice to show cause as to why a notice under section 148 should not be issued in his case and such notice to show cause shall be accompanied by the information which suggests that income chargeable to tax has escaped assessment in his case for the relevant assessment year. (2) On receipt of the notice under sub-section (1), the assessee may furnish his reply within such period, as may be specified in the notice. (3) The Assessing Officer shall, on the basis of material available on record and taking into account the reply of the assessee furnished under sub-section (2), if any, pass an order with the prior approval of the specified authority determining whether or not it is a fit case to issue notice under section 148. (4) The provisions of this section shall not apply to income chargeable to tax escaping assessment for any assessment year in the case of an assessee where the Assessing Officer has received information under the scheme notified under section 135A. Explanation.— For the purposes of this section and section 148, “specified authority” means the specified authority referred to in section 151.’.

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