Wednesday, 30 May 2012

No Income Tax Case reopen, closed before 01.04.2012

The Union Finance Minister Pranab Mukerjee said that the Income Tax Department will not open income tax cases which are solved or closed before 01st April, 2012. This has said while inaugurating Pratyaksh Kar Bhavan in New Delhi.

In his own words, "I gave a commitment in Parliament with regard to retrospective amendments that CBDT ( Central Board of Direct Taxes) will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April 2012... Such cases shall not be reopened. Now CBDT has issued a circular in this regard"

In Budget 2012-13 there was Proposal that the Income Tax Department can reopen any cases of any year. Now there is a relaxation in the proposal that the Department will not reopen the cases which are already closed or solved before 01st April, 2012.

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