No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh
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No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakhNow you can’t declare house rental income as business income to save tax: Budget 2024 plugs tax avoidance loopholeBudget 2024 has introduced a significant relief, as tax authorities can no longer reopen old income tax returns (ITR) beyond the specified time limits.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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Finance Minister Nirmala Sitharaman said while presenting Budget 2024, "I propose to thoroughly simplify the provisions for reopening and reassessment. An assessment hereinafter can be reopened beyond three years from the end of the assessment year only if the escaped income is Rs 50 lakh or more, up to a maximum period of five years from the end of the assessment year. Even in search cases, a time limit of six years before the year of search, as against the existing time limit of ten years, is proposed. This will reduce tax-uncertainty and disputes."
“One of the far-reaching changes is the reduction in time limit for re-opening of the assessments” says Suresh Surana, a Chartered Accountant.
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This story originally appeared on: India Times - Author:Faqs of Insurances
