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Many of you must've received this mail from the IT Department. Please don't ignore this.
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Income tax authorities may now be able to issue reassessment notices under General Anti Avoidance Rules (GAAR) for tax years that fall outside the time limits prescribed for issuing such notices.
This is if the new proposal under the Income Tax Bill 2025 is greenlighted. Under current rules, reassessment notices have to be issued within 5 years and 3 months from the end of the assessment year.
The new proposal would mean that tax authorities can go back several years to assess all arrangements to which GAAR provisions can be applied.
I would request all NRIs to ensure their past filings are done rightly or reach out to me and I’ll help you.
#gaar #incometax #india #taxmen #incometaxbill2025
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I help NRI create massive wealth by having a solid financial plan in place.
I enable and coach NRIs to retire early and live the best possible financial life.
I am a Certified Financial Planner (CFP) at PrimeWealth: A boutique firm serving NRIs for last 20 years while managing more than 300+ crores worth of investments and 350 plus families.
12 December 2023