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Taxmen can reopen up to 10-yr old cases in big transactions

Taxmen can reopen up to 10-yr old cases in big transactions

Thursday, February 2, 2017, 5:10 PM

I-T officers can now reopen tax cases up to 10 years if search operations reveal undisclosed income and assets of over Rs. 50 lakh. Currently, I-T officers can go back up to 6 years to scrutinise the books of accounts. According to the memorandum to the Finance Bill 2017, the books of accounts of an assessee can be reopened by taxmen back till 2007.
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