CBDT Reduces Time Limit to Re-open Income Tax Assessments - (07 Dec 2021)
DIRECT TAXATION
Central Board of Direct Taxes (CBDT) has reduced the Time limit to re-open Income Tax assessment from 6 years to 3 years. The assessment can be reopened up to 10 years, only when there is evidence of concealment of income of more than Rs. 50 Lakhs in a year with approval of e Principal Chief Commissioner of Income Tax.
Tags : CENTRAL BOARD OF DIRECT TAXES RE-OPEN INCOME TAX ASSESSMENTS
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