The Central Board of Direct Taxes has issued an official notice for tax and set all instructions and implementation explanation to Supreme Court Order, which is validated by income reassessment notices issued to all taxpayers under previous provisions.

Between April and June of 2021, CBDT has explained all the reassessment notices issued per the Supreme Court’s order as per prevision for reassessment, irrespective of whether these were challenged. CBDT also clarifies that notices cannot be issued for 2013-14, 2014-15, and 2015-16 assessment years and if the income that escaped assessment for this given year is less than 5 million.

• What is Stock Order : Types, Differences & How Order Works
• India’s Business Activity Hits 3-Month High in Nov Amid Rising Costs
• Trudeau to Cut Sales Tax and Send Checks to Canadians Ahead of Election
• Ashwini Vaishnaw Encourages German Companies to Invest in India
• Flipkart Appoints Dan Bartlett to Board

“Hence, in order to reduce the compliance burden of assessees, it is clarified that information and material may not be provided in a case for AY 2013-14, AY 2014-15 and AY 2015-16 if the income escaping assessment in that case for that year, amounts to or is likely to amount to less than Rs five million,” CBDT said in an instruction.

Also, a separate instruction will be issued regarding the procedure for disposing of these cases, CBDT said.

The Income Tax department had issued several reassessment notices in the April-June period of 2021 based on the earlier reassessment provision-section 148 of the Income Tax Act, using the extra time allowed under the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act of 2020 that was enacted during the pandemic.