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Reduction In Time For Reopening Of Income Tax Proceedings

For reopening of Income Tax Assessment, the time limit for reopening of income tax assessment proceedings has been reduced to 3 years from the earlier 6 years. For Serious Tax Evasion cases, where evidence of concealment of Income is more than Rs. 50 Lacs, notice can be issued beyond 3 years but not beyond 10 years. • Slump sale capital gains computation modified to consider fair market value of undertaking on date of transfer (to be prescribed by rules) as full value of consideration and cost of goodwill of business or profession at NIL (except where it is acquired by purchase from previous owner).

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