New Tax Law 2025: Limits on Income Tax Scrutiny for Undisclosed Earnings
2025-03-27
Moneycontrol
The Finance Bill 2025 brings significant changes to tax scrutiny, allowing authorities to reassess only undisclosed income in search cases, providing relief to taxpayers with declared earnings. This new tax law aims to reduce harassment and promote transparency, focusing on unreported income and ensuring a fair tax system. With this amendment, taxpayers can expect a more streamlined tax assessment process, reducing the risk of unnecessary scrutiny on already declared income, and promoting voluntary tax compliance, tax planning, and income tax returns.
