Budget 2024: The time limit for which income tax reassessment can be done is reduced

Budget 2024: Time limit for reassessment is proposed to be reduced from ten years to five years. It is also proposed to withhold refund up to sixty days of assessment under section 245 and to rationalise time limit to file appeal to ITAT under section 253," said Finance Minister Nirmala Sitharaman in the Budget speech 2024.
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