Income Tax dept tells officers to not open last year’s assessments on higher turnover this year

In a relief to businesses, the income tax department has instructed field officers to not open previous year’s assessment of entities solely on the basis of increased turnover this year on account of use of digital payment methods.

In instructions to the assessing officers, the Central Board of Direct Taxes (CBDT) has clarified that the increased turnover this year cannot be the only reason based on which the assessing officer decides to reopen assessment on the premise that income has escaped assessment in earlier years.

It has advised assessing officers not to reopen past assessments only on the ground that the current year’s turnover has increased. #casansaar (LiveMint)