Scrutiny time for tax returns could be down to 1 year as govt plans friendlier approach
Advertisement
Advertisement
In what could be a bit of a relief for As of now, this assessment can be completed in two years after the close of the assessment year. This means that scrutiny of returns for the financial year 2014-15, for which assessment year is 2015-16, can be completed till March 2018.
In the first phase of this restructuring, the period is proposed to be reduced to 21 months, which when applied to the above example mandates the assessment to be completed until December 2017.
"We plan to reduce it by three months every year so that assessment is completed in 12 months," said a senior
The reason behind toning up the assessment process is the government’s approach to make it a friendlier administration. They plan to do so with less aggressive assessment and removal of unwanted fishing expeditions.
Advertisement
For the next stage of the toning process, the revenue department wants timely completion of assessment, preferably done well within the time period without having to wait for the end of the deadline.
Image source
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market