New Reassessment Regime in the Finance Act 2021, Got Introduced,

With time period for Reopening u/s 148, from 6 to 3 years, Reduced.

Only Escaped Income, exceeding Rs. 50 lakhs per year,

Gave the Jurisdiction, to reopen the cases up to 10 years.

Reason to Believe got Replaced with Information in Possession,

CBDT’s Risk Management Strategy substituted AO’s Discretion.

Deadline of 31.3.2021 for Issuing Old 148 Notices, got Mandated,