Home » Blog » Budget 2024: Re-Opening & Reassessment provisions under Income Tax Act

Budget 2024: Re-Opening & Reassessment provisions under Income Tax Act

by Taxchanakya
0 comment
Budget 2024

While presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman emphasized tax simplification, improved taxpayer services, and reduced litigation.

Simplifying Taxation for Greater Transparency and Efficiency.  She has proposed thoroughly simplify provisions for re-opening and reassessments.

An assessment hereinafter can be reopened beyond three years from the end of the assessment year only if the escaped income is ₹ 50 lakh or more, up to a maximum period of five years from the end of the assessment year. Even in search cases, a time limit of six years before the year of search, as against the existing time limit of ten years, is proposed. This will reduce tax-uncertainty and disputes. 

Post Disclaimer

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxchanakya has exercised reasonable efforts to ensure the veracity of information/content published, Taxchanakya shall be under no liability in any manner whatsoever for incorrect information, if any.

You may also like

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

error: Content is protected !!