MONEY9: Income tax from 1st April (INCOME TAX) Reassessment (REASSESSMENT) The government has made many changes in the system. But many with a big change in the last budget Not only have individual tax payers gone bankrupt, but the change has exacerbated corporate woes.. This is the reason why tax consultants and chartered accountants have a lot of questions related to this change..
This change has given the income tax department more freedom to reopen the old assessment. Tax experts fear the Income Tax Department may send more reassessment notices because of these findings.. If the Income Tax Department feels that a taxpayer has incurred a large expense and has not stated the reason, they may send a tax notice.. In the old system it was as if someone 50 Tax reassessment could be done if any assets above Rs 1 lakh were not reported to the income tax department.. This last 10 Could have happened in cases up to years. But now this rule has changed and it is necessary to understand it.
Re for income tax department–The scope of assessment has been further expanded. Now if any company or individual 50 Income tax department if no clarification is received regarding income of Rs. 1 lakh or more or entries in the account. 10 Can reopen such cases up to the age of one year. If such hidden earnings or expenses 50 If less than Rs 6 From now on instead of reducing the year 3 The year has been made.
Expenses incurred at a large event at a cost without specification, Things like expensive assets come. As long as there is any entry in the account which is not specified, you may also get tax reassessment notice on it.. Suppose you took out a loan. You may even notice it if it is paid in less time. This new Provision Finance Bill 2022Is part of.
Now the question arises as to what is the way of this in the end. Under the new provisions, the income tax department can reopen the case through various sources. Until now, the tax department has acted on the basis of CBDT’s risk management figures and CAG disasters.. But now he has more weapons in his hands. Disasters in any audit, Information of foreign tax authorities, Judgments of a tribunal or a court are involved. IT Department’s Insight Platform also helps tax officials catch tax evaders. Insight Platform processes data from reporting units.
Assessment year 2018-19According to, Only in India 3 There were only a million people whose earnings 50 Lakh rupees or more. Now the fear is that the spread of tax notices will not come to Ghodapur.
Tax expert and CA Sunil Garg says that despite budget revisions this year, the government has provided some safeguards to taxpayers.. Section 148-This protection is provided under. But given the way the income tax department operates, the new rules could pave the way for more cases.. In last year’s budget, the finance minister had promised that there would be fewer legal cases but this is not the case. Most of the cases speak in the name of the income tax department. 8 About Rs 5 Millions of cases are pending between the income tax department and tax payers.
Money 9 advice
- Tax payers always make big deals–Documents attached to Devad should be preserved. So that the latter can avoid any trouble.
- There should also be a balance in the information you provide regarding taxes. You may also get a notice if there are irregularities.
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