From 1 September 2024, new time frame under section 149 for assessment and re assessment under section 148 or 148A of IT Act is introduced. The 16 years previous time frame for foreign undisclosed assests ( cl. c under 149(1)) from the previous version (finance act 2012) is completely removed in 2021 and 2024. So can someone shed some light if this new timeframe for reassessment is applicable for BML act 2015? The question is, what is the maximum time limit for assessment or reassessment to be opened under section 10 of BML 2015?
1 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5800 Points)
Replied 31 December 2024
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