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Income Tax Department Begins Scrutiny of Reassessment Cases for AY 2018-19
Update / Judgement Date
01 Aug 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Corporate ComplianceIncome Tax
The Income Tax Department has started scrutinizing reassessment cases for AY 2018-19. This action follows the Union Budget 2024's announcement to reduce the reassessment period from 10 to 5 years. Effective September 1, past assessments for AY 2018-19 will be time-barred. Initial letters will be issued, with cases potentially reopened if identified as high-risk. The Central Board of Direct Taxes has directed officials to upload time-barred cases by August 2. The new rule aims to reduce litigation and streamline the tax process.
