Quick Summary
The Income Tax department is set to finalize the reassessment of 170,000 notices by March 2025, focusing on undisclosed income from past assessment years. These notices were issued between March 2021 and March 2024, targeting discrepancies in income declarations. Background of the Reassessments The Central Board of Direct Taxes (CBDT) initiated the reopening of approximately 600,000 cases within a three-year span due to mismatches between declared income and the data available with the I-T
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN - Rs.1999
1799
(Excl. of GST ₹323)
2 Years PLAN - Rs.3499
3149
(Excl. of GST ₹566)
BEST VALUE
3 Years PLAN - Rs.4999
4499
(Excl. of GST ₹809)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The department aims to complete the reassessment of 170,000 notices.
The target completion date is March 2025.
The reassessments are focused on undisclosed income and discrepancies in income declarations from past assessment years.
The notices pertain to assessment years ranging from 2014-15 to 2022-23.
Preliminary estimates suggest the total amount involved could exceed ₹1,000 crores.
These notices fall under Section 148 of the Income Tax Act.
CAclubindia
