Income Tax: Important news for small taxpayers, reassessment notices will not be issued for these 3 years, CBDT instructions

 


Income Tax: Income tax officers have been asked not to issue reassessment notices for the financial years 2012-13, 2013-14 and 2014-15 to small taxpayers whose tax-avoidable income is less than Rs 50 lakh.

Income Tax: Important news for small taxpayers. Income tax officers have been asked not to issue reassessment notices for 3 years for the financial years 2012-13, 2013-14 and 2014-15 to small taxpayers whose tax-avoidable income is more than Rs 50 lakh. is less. According to the news of PTI, the Central Board of Direct Taxes ie CBDT has issued this instruction to the Income Tax Officers.

According to
the news, in respect of the notices sent after the three-year reassessment period, the department said that for the financial year 2016 and for the financial year 2017. Where the deadline for issuing such notices falls within 3 years, the tax authorities will issue a show cause. Also, the tax officers will give necessary information to these taxpayers to initiate reassessment proceedings within 30 days. 

The decision was in favor of the Income Tax Department The
Central Board of Direct Taxes (CBDT) asked the tax authorities to give two weeks time to the taxpayers to respond to such notices, which can be carried forward on the request of the taxpayer in genuine cases. May go. Let us tell you, earlier this month, the Supreme Court had ruled in favor of the Income Tax Department. In this decision, all reassessment notices issued on or after April 1, 2021 were upheld. There is also talk of reopening the assessment for up to 6 years.

Then the department went to the Supreme Court
, the government in the budget of last year (2021-22) had reduced the reopening time for income tax assessment from 6 years to 3 years. However, the tax department also sent several notices to reopen the assessments, which are more than 3 years old. These notices were then challenged in several High Courts and then the Income Tax Department appealed to the Supreme Court to uphold such notices.

Said the instructions
Sahih Nangia & Co. LLP Partner Shailesh Kumar said that this is a very welcome circular from the CBDT providing clarity to both the taxpayers and the tax officers. Similarly, Rajat Mohan, Senior Partner, MRG & Associates, said that the circular will clear all the issues arising out of the dispute related to the Finance Act 2021 and subsequent reassessment of the apex court's decision.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more