2024-25 Budget proposes reopening assessments beyond 3 years if escaped income is Rs 50 lakh+, simplifying provisions and reducing tax disputes.
Finance Minister Nirmala Sitharaman proposed in Budget 2024-25 that assessments can be reopened beyond three years only if escaped income is Rs 50 lakh or more, up to a maximum period of five years. This change simplifies provisions for reopening and reassessment, reducing tax uncertainty and disputes. In search cases, a time limit of six years before the year of search is proposed, down from the existing limit of ten years.
July 23, 2024
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