The tax proposals presented during the recent Union Budget in February 2021 reflects the principle - Minimum Government, Maximum Governance. To achieve this objective, changes proposed to existing tax laws have been aimed at simplifying administration, ease in compliance and mitigating litigation.
This webinar will focus on the amendments proposed to re-assessment provisions contained in the Income Tax Act, 1961. The Finance Act, 2021 has overhauled the law relating to re-opening of completed assessments. A new scheme has been introduced with effect from 1st April 2021. Some of the salient features of the scheme are :-
- Reduction in time limit for re-opening assessments;
- Requirement for the Revenue to possess information that suggests some income has escaped assessment;
- Drifting away from the ‘Reason to Believe’ test;
- Procedure to conduct enquiry, file reply, grant opportunity of hearing and right to object against re-assessment even before issuance of notice.
On the face of it, the new provisions appear to be taxpayer friendly. However, the fine print of the law deserves a thorough analysis. Whether this new scheme will ensure objectivity and fairness in the re-assessment process or act as a gateway to more avoidable litigations is a thought to ponder upon.
Find out, on the 5th of August 2021 between 3 PM - 4 PM. Lakshmikumaran and Sridharan Attorneys is pleased to organise this webinar where a panel of experts led by Mr. S. Sriram, Joint Partner, L&S will discuss and analyse the nuances of the new provisions governing re-assessments.
Special focus would be on a comparative analysis of the powers and fetters prescribed by the new and extant law, applicability of the same to assessments already completed prior to the introduction of the new provisions and the way forward with pending litigations.
Speakers :
- Sriram, Joint Partner, L&S
- Karanjot Singh Khurana, Principal Associate, L&S