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Joint Secretary TPL-I in the Ministry of Finance recently talked about a new development.
In the past, when past assessments were reopened after 4-5 years, it caused a great deal of difficulty 2 tax payers 2 dig out old documents
With a view to make life easier for tax payers, over the course of next 11 days, the department will be sending notices 2 some tax payers where they have got "high risk information" for FY 2018-19. Since time limit for revising return of income for AY 2019-20 is now extended to 31st July, 2020, taxpayers could, if they wanted and if necessary, revise their returns if something has been missed out. This will save a lot of trouble in future as there may not be a scrutiny / reopening / penalty. Also, obviously, all this can be done online.
So, those who get an sms or email in next few days for FY 2018-19, please take immediate action.
CA Amresh Vashisht
Meerut
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