Corporates, individuals challenge taxman’s move to dig out past assessments under old law

Under the new law which came into effect from April 1, 2021, the revenue department, while reopening old accounts of a taxpayer, can go back up to three years if the tax assessing officer estimates escaped income is less than Rs 50 lakh; however, the law empowers the department to reopen up to 10-year old accounts if the alleged untaxed income is Rs 50 lakh or more.

from Wealth-Economic Times https://economictimes.indiatimes.com/wealth/personal-finance-news/corporates-individuals-challenge-taxmans-move-to-dig-out-past-assessments-under-old-law/articleshow/84398465.cms