Targeting taxpayers

Tax department should not issue notices indiscriminately

The latest dispute between the Income-Tax Department and some assessees is a good example of the difference between the intent and implementation of reform measures. Several individuals and firms have filed petitions in various courts challenging the tax notices issued during the April-June period. The law was amended earlier in the year, and allowed tax assessments to be ordinarily reopened for the previous three years. In cases of serious fraud and concealment of income of more than Rs 50 lakh, assessments can go back 10 years. However, the income-tax department extended the validity of the old law till June 30, which allowed reopening assessments up to six years and issuing tax notices to a large number of assessees.

TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.

MONTHLY

₹ 249

Select

ANNUAL

₹ 1799

Select

Best Offer

SMART ANNUAL

₹ 1499

₹ 1799

Opt for auto renewal and save Rs 300

Select

What you get on Business Standard Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Pick your 5 favourite companies, get a daily email with all news updates on them.
26 years of website archives.
Preferential invites to Business Standard events.