Govt Considering Ordinance To Counter Recent Spate of Income Tax Reassessment Litigations moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
The applicability of two sets of laws for the same purpose of issuing notices and reopening assessments has left income tax assessees bewildered and tax practitioners peeved.
The procedures related to reassessments or re-computation of income escaping assessment and review of search related cases has undergone a major overhaul. Several sections of the Income Tax Act have been amended with the objective to lower litigation and make it easier for taxpayers.
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The prominent changes include the lowering of the time limit for issuing notices of reassessment from six years from the end of the relevant assessment year to three years.
Government extends time till June 30 for making payment of disputed tax telegraphindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telegraphindia.com Daily Mail and Mail on Sunday newspapers.
Extend Income Tax Return filing last date for audit cases and AGM time frame: Professionals urge Sitharaman financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.