I enjoyed browsing through the website and reading through the responses to the questions asked. - Thank you for this great initiative for 'amateur' tax payers.
Salaried (Income Under 20lacs)
Question: 1. Previously completed and submitted Income Tax Filings can be subject / liable to an audit by Income Tax Department.? If yes, what is the ageing of the returns that can be selected for audit. (example : IT Filings older than 02 years OR >5years) 2. Please help / guide with an effective way to save taxes. If there is an article please share the URL.
08 January 2023
1 The Finance Act has lowered the time limit for reopening of assessment to 3 years from 6 years earlier. 2 Opt for new scheme no need for any tax savings.
No need to worry as salary income under 20 lacs will not be taken up for department audit.
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