TAX Solutions

Congratulations Tax Evaders

By virtue of Finance Act, 2024, the assessments for Assessment Year 2018-19 and preceding assessment years cannot be reopened whatever may be the concealed income/income escaping assessment.

So even if you have concealed income of say Rs 10,000 crores in assessment year 2018-19 or preceding assessment years, then the case cannot be reopened.

This amendment is effective from 1.09.2024 but by virtue of provisions of section 148A, the income tax department cannot issue you a notice w.e.f. 26.08.2024.

Even in search cases where search is made on or after 1.09.2024, the above assessment years cannot be reopened.