Time limit for reopening tax assessments reduced to 3 years from 6 years

The time limit to reopen the assessment procedures under the Income Tax Act has been reduced from 6 years to 3 years, except in serious tax cases. Only where evidence of concealment of income of Rs 50 lakh or more – re-opening can be made upto 10 years and only with the approval of Pr. Chief Commissioner of Income Tax, she added. The government will also set-up a faceless dispute resolution mechanism for small taxpayers.