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
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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.
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