No discover for AY14 to AY16 if untaxed quantity lower than Rs 50 lakh: CBDT’s directions to subject officers

In a reduction for small taxpayers, the Central Board of Direct Taxes (CBDT) has stated no reassessment notices can be issued for evaluation years (AY) 2013-14, 2014-15 and 2015-16 if the revenue escaping evaluation and represented within the type of an asset was lower than ₹50 lakh.

The CBDT late Wednesday issued an in depth set of directions to subject officers within the mild of the current Supreme Courtroom order. The apex court docket had invoked its extraordinary powers underneath Article 142 of the Structure to uphold all reassessment notices issued after March 31, 2021, by the income-tax division reopening assessments going again six years.

After the current Supreme Courtroom order, tax practitioners had raised questions concerning the implementation of the order, which has implications for tens of 1000’s of taxpayers.

The CBDT has stated for subsequent years, AY2016-17 and AY2017-18, the place timeline to challenge notices underneath Part 148, falls inside a interval of three years, tax officers will challenge present trigger discover and supply materials/info to taxpayers for initiating reassessment proceedings inside 30 days or by June 2. Taxpayers will get two weeks to answer such present trigger notices, and may request to increase the timeline.

The notification directed officers to think about a request for time extension by an assessee to reply on the advantage of the case.

“It is a a lot welcome round by CBDT offering readability to each taxpayers and tax officers,” Shailesh Kumar, associate, Nangia and Co stated.
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