Extended reassessment period for offshore-related escaped income and agent assessments with clarified retrospective application to prior assessment years.

A new long-stop reassessment window is introduced for income related to assets located outside India where more than four years but not exceeding sixteen years have elapsed from the end of the relevant assessment year. The limitation for issuing notices to agents of non-residents is extended to six years from the end of the relevant assessment year. An Explanation clarifies that these amended time-bar provisions apply to proceedings for assessment years beginning on or before the first day of April, 2012, and the amendments take effect from the first day of July, 2012.

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