Budget 2024-25: FM Introduces Relief Measures Limiting Reopening of Old Income Tax Returns

In the 2024-25 Union Budget, Finance Minister Nirmala Sitharaman introduced measures to limit the reopening of old income tax returns. The new rules restrict the tax authorities' ability to revisit assessments beyond three years, except in cases of serious tax evasion or fraud. This change aims to provide taxpayers with greater certainty and reduce the risk of protracted disputes. Additionally, the budget proposes the introduction of a new framework for assessing large corporate taxpayers to enhance efficiency and compliance. These reforms are designed to streamline the tax administration process and improve the overall taxpayer experience.