March 2, 2021

24X7 News Guru

The Real Time News

I-T department in hunt for small evaders as deadline looms

Suddenly, there has been a surge in reopening of returns of small-time tax evaders, with income tax authorities deploying investigation units to search and survey suspect cases of tax evasion of up to Rs 50 lakh. Cases are being reopened for assessment years 2015-16, 2016-17 and 2017-18 as no action will be possible beyond March 31 for these three years. Changes proposed in the budget confined reopening of tax assessment to three years from the earlier six years. ...

Suddenly, there has been a surge in reopening of returns of small-time tax evaders, with income tax authorities deploying investigation units to search and survey suspect cases of tax evasion of up to Rs 50 lakh. Cases are being reopened for assessment years 2015-16, 2016-17 and 2017-18 as no action will be possible beyond March 31 for these three years. Changes proposed in the budget confined reopening of tax assessment to three years from the earlier six years.

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