I-T department set to complete 170,000 reassessments by next March

The income tax department aims to complete reassessments of 170,000 notices issued between March 2021 and March 2024 for undisclosed income by March 2025. Around 600,000 cases were reopened due to income discrepancies, with 430,000 assessments completed, according to an official. \r

The total amount involved is estimated to be over a thousand crores. Notices were primarily issued under Section 148, targeting individuals with income above Rs 50 lakh. Reassessment can extend up to six years under Section 148, and over a decade under Section 148A for incomes exceeding Rs 50 lakh. \r

The Supreme Court upheld reassessment notices from April 1, 2021, for up to six years, with the CBDT issuing guidelines for a standardized approach.