CBDT has reduced the time limit from 6 years to 3 years to re-open Income Tax Assessments

The Finance Act, 2021 has reduced the time limit for reopening of assessment to 3 years from the earlier 6 years. Beyond the period of three years, cases can be reopened up to 10 years with the approval of the Principal Chief Commissioner of Income Tax only where there is evidence of concealment of income of Rs. 50 lacs or more in a year.