The income tax department by March 2024 will complete the assessment of one lakh income tax notices sent for mismatch in disclosed income and information available with the department, Finance Minister Nirmala Sitharaman recently said. The tax department has sent about 1 lakh notices to individuals with income above Rs 50 lakh for a mismatch in income disclosed in ITR versus information available with the department.
Also, notices have been sent to non-filers of tax returns. Under income tax law, officers can reopen past assessments of up to six years.
“Now no tax assessee will have to face reopening of tax assessment after six years. And in 4th, 5th and 6th year, they (tax officers) reopen the assessment only under certain situations,” Sitharaman said at the 164th income tax day event.