Budget Impact: Income Tax Dept. to issue AY 2018-19 Notices in Coming Months in View of Capped Reassessment Periods

The Income Tax Department plans to issue notices for the Assessment Year (AY) 2018-19 in light of recent budget changes affecting reassessment periods. The department aims to ensure compliance with the updated regulations and address any discrepancies identified during reassessments. The notices will focus on verifying income declarations and ensuring that all tax obligations are met according to the revised guidelines. This move is part of broader efforts to enhance tax administration and enforcement.