Govt plans to allow reopening of cases of past 16 yrs

Government plans to allow reopening ofincome tax returns of past 16 years of suspected assessees, as against 6 years at present. The move is aimed at strengthening the mechanism to investigate black money cases.

Concerned over the CBDT panel’s poposal to allow reopening of tax filings of the past 16 years, experts and lawyers said it would onlyresult in harassment of assessees without yielding any substantial gains to the exchequer.

(Source:Tax Guru.com)