Wednesday
May, 18

cbdt: Cbdt To It: Do Not Reopen Sub-₹50l Instances For Ays ’14-16 | Mumbai Information

Mumbai: The Central Board of Direct Taxes (CBDT) has issued exhaustive directions to its earnings tax (IT) cadre on reopening of circumstances to implement the current Supreme Court docket order. These directions will preserve small circumstances regarding some previous years from being reopened.
As had been reported by TOI, in accordance with this order, practically 90,000 re-assessment notices that have been issued by the IT division after April 1, 2021 below the provisions of the unamended part 148 have been held legitimate.
Nevertheless, the order offered that safeguards below the brand new provisions launched by the Finance Act, 2021 ought to be adopted.
To start with, CBDT’s directions state that notices can’t be issued in circumstances for evaluation years (AYs) 2013-14, 2014-15 and 2015-16 if the earnings escaping evaluation is prone to be lower than Rs 50 lakh.
In circumstances of earnings which have escaped evaluation, below part 148 (outdated regime) the IT officer may reopen circumstances courting again to 6 years. Below part 148A (launched by the Finance Act, 2021), circumstances courting again to 10 years may be reopened provided that the earnings that has escaped evaluation is over Rs 50 lakh and if a correct course of is adopted.
For AYs 2016-17 and 2017-18, the CBDT has clarified in its directions that contemporary notices may be issued with approval of the upper officers, because the time restrict of three years has not lapsed.
Dhruva Advisors companion Ajay Rotti instructed TOI, “CBDT’s issuance of those directions is a welcome transfer.”
Nevertheless, some ambiguities stay. “The instruction just isn’t clear on how the IT officers are anticipated to use the brand new necessities for circumstances the place earnings escaping is increased than Rs 50 lakh. That could possibly be one space the place the taxpayers may nonetheless problem the motion of the IT officers,” stated Rotti.

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