Union Budger 2024 proposed to reduce the time-limit for which reassessment can be done and rationalisation of the provisions.”Time limit for reassessment is proposed to be reduced from ten years to five years. Further, there are proposals to rationalise the procedure for reassessment. Further, it is proposed to omit reference to Principal Chief Commissioner or Chief Commissioner in section 275 to provide clarity of time limitation for imposition of penalties. It is also proposed to withhold refund up to sixty days of assessment under section 245 and to rationalise time limit to file appeal to ITAT under section 253,” said Finance Minister Nirmala Sitharaman in the Budget speech 2024.
rewrite this title The time limit for which income tax reassessment can be done is reduced
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Union Budger 2024 proposed to reduce the time-limit for which reassessment can be done and rationalisation of the provisions.”Time limit for reassessment is proposed to be reduced from ten years to five years. Further, there are proposals to rationalise the procedure for reassessment. Further, it is proposed to omit reference to Principal Chief Commissioner or Chief Commissioner in section 275 to provide clarity of time limitation for imposition of penalties. It is also proposed to withhold refund up to sixty days of assessment under section 245 and to rationalise time limit to file appeal to ITAT under section 253,” said Finance Minister Nirmala Sitharaman in the Budget speech 2024.
