Page 20 - Seniorstoday Aug 2024 Issue
P. 20

the firm, then this will have to be subject to     Asst. Year.
         TDS.                                                Search and Seizure provisions are also
          Since there is so much litigation with the        being amended.  For a long time there
         Income-tax Department, a Scheme called             was a “Block Assessment Scheme”.  This
         “Direct Tax Vivad Se Vishwas Scheme”               was then stopped.  It is again being
         2024 is being introduced.  Under this              reintroduced and now in the event of
         Scheme assesses can go forward and                 Search and Seizure, the income of the  last
         settle many of their matters which are in          6 years plus the year of the raid will be
         litigation.                                        treated as one block and taxed at 60%.  In
          One other provision relates to reopening.         certain cases, there can also be Interest and
         The time for reopening of assessments              penalty.
         is now being changed. If the amount of              The Income-tax Act has become extremely
         estimated concealment is up to Rs 50 lakhs,        complex.  The Finance Minister announced
         the assessments can be reopened within 3           that they will work on a new Income-tax
         years from the end of the Asst. Year.  If the      Act or a major modification within the
         amount of estimated concealment is more            next six months.  Let us hope this actually
         than Rs. 50 lakhs then assessment could            happened and that it is truly simple
         be reopened in 10  years from the end of           and rational and without unnecessary
         the Asst. year.  This is now being reduced         distinction and areas of litigation!
         to 5 years and 3 months from the end of the
















































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