Tax department reopening old tax assessments based on algorithm

The Income Tax (I-T) department has begun the process of reopening old assessments, albeit with a difference this year. The new rule, which came into effect from 2021-22, is simple: till the machine throws up a name, the taxman's hands are tied - unlike before when he could slap notice to reopen a past tax assessment as long as there was some information that a slice of income in a certain year had escaped tax.

from Economy-News-Economic Times https://ift.tt/PwTtXLb
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