On 1 February 2021, India's Ministry of Finance, Nirmala Sitharaman, delivered the Union Budget 2021-2022. Key tax measures covered as part of the Budget Speech are summarized as follows:
- A reduction in the time limit for the reopening of assessment from 6 years to 3 years, with a limit of 10 years in case of evasion with evidence of undisclosed income exceeding INR 5 million (50 lakh) or more per year, as well as the removal of discretion in reopening assessment (will be limited to cases fl…