ITR after 3 yrs from Filling

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Vaneet Monga (Querist)
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01 April 2021 Dear Sir,

Just Confirm its truth or rumor, earlier the income tax department has the powers to issue a notice to taxpayers for seven years from the end of the financial year but now its reduces from saven year to 4 years

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 April 2021 The provision for issuing notice is substituted in Budget 2021viz.,

from 1-4-2021 on wards, in normal cases, notice cannot be issued if three years have lapsed from the end of the relevant assessment year,

but in special cases (income escaped is Rs. 50 lakhs or more) notice can be issued up to ten years from the end of the relevant assessment year.

Inference :- clause 38 of Budget 2021.

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