Under the new law which came into effect from April 1, 2021, the revenue department, while reopening old accounts of a taxpayer, can go back up to three years if the tax assessing officer estimates escaped income is less than Rs 50 lakh; however, the law empowers the department to reopen up to 10-year old accounts if the alleged untaxed income is Rs 50 lakh or more.from Personal Finance News-Wealth-Economic Times https://ift.tt/3ibTqEV
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