Budget 2021: Income tax assessment time limit reduced to 3 years from 6 years, says Sitharaman | News – Times of India Videos


Feb 01, 2021, 01:56PM ISTSource: TOI.in

Sitharaman said that income tax assessment could earlier be reopened up to 6 years. This time limit has now been reduced to 3 years. “In serious tax evasion cases as well, only where Rs 50 lakh or more has been concealed, the assessment can be reopened up to 10 years and that too after the consent of the Principal Chief Commissioner,” she said.

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