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Two sets of laws for issuing notices and reopening assessments leaves I-T assessees bewildered


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. ....

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Plea to extend tax audit date


Plea to extend tax audit date
Businesses and tax assessees needed more time to grapple with the pandemic without being burdened with compulsions of compliance
Tax professionals have urged finance minister Nirmala Sitharaman to extend the last date of filing tax audit reports under the provisions of section 44AB till February 28.
They have also pleaded for an extension of the date for filing tax returns for the assessment year 2020-21 in audit cases till March 31.
N.K. Goyal, president of the Direct Taxes Professionals Association (DTPA), said the coronavirus pandemic had wrought havoc with businesses and tax assessees needed more time to grapple with the crisis without being burdened with the compulsions of compliance. ....

Nirmala Sitharaman , Narayan Jain , Professionals Association , Direct Taxes Professionals Association , Vivad Se Vishwas , நாராயண் ஜெயின் , ப்ரொஃபெஶநல்ஸ் சங்கம் , நேரடி வரி ப்ரொஃபெஶநல்ஸ் சங்கம் , விவாத் சே விஸ்வாஸ் ,