 "SUPREME COURT")
The Central Board of Direct Taxes (CBDT) issued on Wednesday extensive guidelines for implementing a Supreme Court (SC) order in reassessment cases.
The court had early this month ruled that the thousands of show cause notices the Income Tax department had issued under a previous regime should be treated as ones issued under a new one for reopening assessment cases.
The CBDT said that for three years, viz. assessment years (AY) 2013-14, 2014-15 and 2015-16, reassessment notices will not be issued for small taxpayers whose asset is less than Rs 50 lakh.
The CBDT also clarified about subsequent years--AY 2016-17
