Several individuals and firms have filed petitions in various courts challenging the tax notices issued during the April-June period. The law was amended earlier in the year, and allowed tax assessments to be ordinarily reopened only to three years. However, the income-tax department extended the validity of the old law till June 30, which allowed reopening of assessments up to six years and issuance of tax notices to a large number of assessees. The government is also reportedly exploring the option of bringing in an Ordinance if courts rule against the validity of notices issued by the income-tax department. The government will be well advised to avoid any such step as it would go against the basic spirit of amending the law and reforming the tax administration, argues our lead editorial
. Read here
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.