6 year old cases of tax disturbances will not open now. Time limit of 3 years – News18 Hindi

new Delhi. Union Finance Minister Nirmala Sitharaman has made a big announcement in cases of tax evasion. The Finance Minister said that now cases of tax irregularities of 6 years old will not be investigated. Its limit has been increased to three years now and cases of serious tax disturbances will also open. The Finance Minister said that if the disturbance in a case is 50 lakh annually then 10 old cases can also be opened. The Finance Minister said that to reduce the compliance burden, the deadline for re-opening the assessment has been reduced from the current 6 years to 3 years from the end of the relevant assessment year. It is proposed to allow reopening for up to 10 years only in cases where there is evidence of undisclosed income of Rs 50 lakh or more for one year.

Nirmala Sitharaman said that the discretion in reopening should be completely removed and henceforth the reopening action will be taken only in such cases which will be identified by the system based on objection of data analytics, C&G. With this, action can be taken to reopen cases for search and survey. Also, to bring certainty in income tax proceedings at the earliest, it has also been proposed to reduce the time limit for processing of the same assessment or income tax statements and also to fill the details three months.

Earlier, while reading the budget speech, Finance Minister Nirmala Sitharaman said, “This budget is presented in an environment full of challenges. People lost their lives due to Corona virus epidemic. During this time, we have to go to the account of 40 crore farmers, its system It was done. The government announced 4 self-sufficient packages. We put 13 per cent of the GDP i.e. 27 lakh crore rupees in the market. “

Please tell that this is the seventh full budget of the Narendra Modi government. In the last 6 budgets, the central government has made several big announcements, including many types of exemptions in income tax.

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