What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

Understanding Income Tax Notice under Section 148: Reassessment Explained

Section 148 of the Income Tax Act allows the income tax department to reassess an individual's previously filed income tax returns. The Assessing Officer (AO) has the authority to select your tax return for reassessment if certain conditions are met. This reassessment is initiated by sending a notice under section 148 of the income tax act, which pertains to income escaping assessment.

In 2021, the Finance Act reduced the time limit for reopening income tax assessment cases from 6 years to 3 years. However, in cases of serious tax evasion involving the concealment of income exceeding 50 lakhs, the assessment can be reopened up to ten years.

There are specific reasons for the issuance of a notice under section 148 of the Income Tax Act, 1961. The AO may issue such a notice when they believe that an individual's income chargeable to tax may have escaped assessment. However, the AO cannot initiate re-investigation without a valid reason or justification.

The AO must record their reasons in writing, and they cannot send a notice to the taxpayer for reassessing the same documents that were submitted during the filing of returns. New facts or documents that reasonably indicate that income has escaped assessment must come to light for action to be taken under sections 147 and 148.

Only certain individuals have the authority to issue a notice under section 148. According to section 151(1), the power to issue such notices lies with the Principal Chief Commissioner, Commissioner, Chief Commissioner, or Commissioner. However, they must be satisfied with the reasons recorded by the AO and consider it a fit case for issuing the notice.

Alternatively, an Assessing Officer above the rank of Assistant Commissioner or Deputy Commissioner can issue a notice with the approval of the Joint Commissioner, provided the reasons given by the AO are valid.

The due date for issuing a notice under section 148 of the Income Tax Act depends on the specific circumstances. As per Section 149, notices can be issued within a three-year period from the end of the relevant assessment year if the taxable income that has evaded assessment is not more than 1 lakh rupees.

However, if the concealed income exceeds 50 lakh rupees, reassessment can be done up to 10 years from the relevant assessment year. If the assessment has already been completed under section 143(3) or 147, no further action can be taken unless the income chargeable to tax has escaped assessment due to the assessee's failure to file a return or disclose all material facts.

In response to a notice under section 148, it is crucial not to take it lightly. You should check the notice for the reasons to believe recorded by the AO and request a copy of those reasons if they are not provided. If you are satisfied with the reasons, you should file the return promptly, or if you have already filed, send a copy to the AO.

When filing the return, ensure careful consideration of all income and expenses to provide a true and fair view. If you believe the notice was not validly served or the reasons provided for opening the assessment are improper, you have the option to challenge the validity of the notice before the assessing officer or higher authorities.