New Budget 2024 rule: Why Income Tax Department is likely to issue a huge number of tax notices this month

Income Tax Notice on the way? According to the amended regulation announced in Budget 2024, the tax authorities can only go back a maximum of five years to reassess a taxpayer's records if the escaped income is at least Rs 50 lakh

Aug 1, 2024 - 12:30
New Budget 2024 rule: Why Income Tax Department is likely to issue a huge number of tax notices this month
Income Tax Notice on the way? According to the amended regulation announced in Budget 2024, the tax authorities can only go back a maximum of five years to reassess a taxpayer's records if the escaped income is at least Rs 50 lakh