I-T dept starts issuing reassessment notices for time-barred FYs

By Indiatimes3 days ago

AD

Income tax department has started issuing notices of reassessment of tax liability for FYs 2013-14, 2014-15 and 2015-16, said people aware of the development.

In several cases the notices have been issued basis objections raised in audit reports while in others the grounds are related to escapement of income that is liable to be taxed. Sources added that a significant number of notices have been issued as the tax department has only a month before these become time-barred.

The IT department has started issuing notices seeking to reassess income tax liability of taxpayers for these financial years, scrutinizing the income tax returns filed by taxpayers for these years, said Shailesh Kumar, partner at Nangia & Co LLP.

Continue read on indiatimes.com