ITR after 3 yrs from Filling
This query is : Resolved
Vaneet Monga
(Querist)
01 April 2021
Dear Sir,
Just Confirm its truth or rumor, earlier the income tax department has the powers to issue a notice to taxpayers for seven years from the end of the financial year but now its reduces from saven year to 4 years
Just Confirm its truth or rumor, earlier the income tax department has the powers to issue a notice to taxpayers for seven years from the end of the financial year but now its reduces from saven year to 4 years
01 April 2021
The provision for issuing notice is substituted in Budget 2021viz.,
from 1-4-2021 on wards, in normal cases, notice cannot be issued if three years have lapsed from the end of the relevant assessment year,
but in special cases (income escaped is Rs. 50 lakhs or more) notice can be issued up to ten years from the end of the relevant assessment year.
Inference :- clause 38 of Budget 2021.
from 1-4-2021 on wards, in normal cases, notice cannot be issued if three years have lapsed from the end of the relevant assessment year,
but in special cases (income escaped is Rs. 50 lakhs or more) notice can be issued up to ten years from the end of the relevant assessment year.
Inference :- clause 38 of Budget 2021.
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