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.Â
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