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Time limit for reopening of I-T assessment halved to 3 yrs

Finance Minister Nirmala Sitharaman on Monday lowered the time limit for reopening of earnings tax assessment circumstances to three years from six years, whereas for severe tax fraud circumstances the place concealment of earnings is Rs 50 lakh or extra it will be 10 years.    

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In her Budget speech for 2021-22, Sitharaman also announced that senior citizens above 75 years of age having only pension and interest income would not be required to file income tax returns. Banks paying the curiosity would deduct the tax on their behalf.

She mentioned to finish the uncertainty within the minds of taxpayers over reopening of assessment circumstances, the time limit for a discount in limit for reopening to assessment to three years from six years earlier.

Sitharaman mentioned the tax division will notify guidelines to take away hardships of double taxation confronted by of non-resident Indians.

Also, pre-filled earnings tax returns with particulars on capital beneficial properties from listed securities, dividend earnings and curiosity earnings from banks and put up places of work can be out there quickly, she mentioned.

For small taxpayers with taxable earnings up to Rs 50 lakh, a dispute decision committee can be arrange.

She mentioned 1.10 lakh taxpayers have availed the Direct Tax Vivad Se Vishwas scheme to resolve tax disputes.

The Budget additionally proposed to begin faceless Income Tax Appellate Tribunal.

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