Budget 2021-22: Big Relief For Tax Payers! Time Limit For Reopening Tax Assessments Reduced to 3 Years From 6 Years

Team Latestly
·1-min read

New Delhi, February 1: In a big relief for taxpayers, the time limit to reopen the assessment procedures under the Income Tax Act has been reduced from 6 years to 3 years, except in serious tax cases.

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Only where evidence of concealment of income of Rs 50 lakh or more – re-opening can be made upto 10 years and only with the approval of Pr. Chief Commissioner of Income Tax, she added. The government will also set-up a faceless dispute resolution mechanism for small taxpayers. Budget 2021-22: No Income Tax Return Filing For Senior Citizens Above 75 Years Having Only Pension, Announces FM Nirmala Sitharaman.

Time Limit For Reopening Tax Assessments Reduced to 3 Years From 6 Years

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Among some of the other announcements, FM Nirmala Sitharaman reduced tax burden on senior citizens above the age of 75 years. In her announcements, she mentioned that pensioners over 75 years of age are exempted from filing returns.