Govt planning to allow reopening of income tax returns of past 16 years

Government plans to allow reopening of income tax returns of past 16 years of suspected assessees, as against 6 years at present. The move is aimed at strengthening the mechanism to investigate black money cases.

A Finance Ministry official said in New Delhi that extending the period of reopening returns is to unearth undisclosed income and to empower tax officials to go deeper into the income and expenditure details of suspected persons and business firms.

The government is likely to amend the Income Tax Act of 1961 which allows tax officials to reassess tax returns only upto the past six years now.

As per the above news if the amendment is carried in the Income Tax Act so as to increase the period of reassessment from 6 Years to 16 years then the assessees will have to keep the record of last 16 years and they could be questioned about the income they have earned upto 16 years ago.  


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