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of <h1>Finance Bill 2021: New Reassessment Rules for Undisclosed Income, Extends Notice Period to 10 Years for Major Cases.</h1> The Finance Bill, 2021 introduces a new procedure for assessing income that has escaped assessment and for search-related cases. Under the revised system, the Assessing Officer can reassess income if there is information suggesting tax evasion, subject to approval from specified authorities. Notices for reassessment must be issued within three years, extendable to ten years for substantial undisclosed income. The procedure includes conducting inquiries and offering the taxpayer a chance to respond before issuing a notice, except in search cases. These changes aim to reduce litigation and streamline the assessment process, effective from April 1, 2021.
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