Hi, I am having one query as per finance act 2021 time limit to issue notice under section 149 have been reduced to 3 and 10 yera based on amount. Here this time limit will be applicable on cases after AY 2021-2022 or will it be applicable on previous A.Y. as well after 01 April. For instance after 31 March 2022 cases of F.Y. 2017-2018 will be time barred or cases of F.Y. 2014-2015 will be time bared.
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Income tax time limit
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It is still finance bill 2021 and not an Act. From 1-4-2021 you have to go back to earlier Assessment years (3 yrs and 10 yrs)
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