LKS WEBINAR [PART2]: Legislative re-engineering of re-assessment provisions: A blessing in disguise?

The tax proposals presented during the recent Union Budget in February 2021 reflect the principle - Minimum Government, Maximum Governance. To achieve this objective, changes proposed to existing tax laws have been aimed at simplifying administration, ease in compliance, and mitigating litigation.

This webinar focuses on the amendments proposed to re-assessment provisions contained in the Income Tax Act, 1961. The Finance Act, 2021 has overhauled the law relating to the re-opening of completed assessments. A new scheme has been introduced with effect from 1st April 2021. Some of the salient features of the scheme are:

- Reduction in the time limit for re-opening assessments;
- Requirement for the Revenue to possess information that suggests some income has escaped assessment;
- Drifting away from the ‘Reason to Believe’ test;

Procedure to conduct enquiry, file reply, grant opportunity of hearing, and right to object against re-assessment even before issuance of notice.

On the face of it, the new provisions appear to be taxpayer-friendly. However, the fine print of the law deserves a thorough analysis. Whether this new scheme will ensure objectivity and fairness in the re-assessment process or act as a gateway to more avoidable litigations is a thought to ponder upon.

On the 5th of August 2021, Lakshmikumaran and Sridharan Attorneys organised this webinar where a panel of experts led by Mr. S. Sriram, Joint Partner, LKS discussed and analysed the nuances of the new provisions governing re-assessments.

A special focus was on a comparative analysis of the powers and fetters prescribed by the new and extant law, applicability of the same to assessments already completed prior to the introduction of the new provisions, and the way forward with pending litigations.

SPEAKERS:
Mr. S. Sriram – Joint Partner, L&S
Mr. Karanjot Singh Khurana – Principal Associate, L&S

Link to Part 1: https://youtu.be/c13FrOH6sdc
Link to Part 2: https://youtu.be/Fwoq4kxE58E
Link to Part 3: https://youtu.be/1GZ5nLZx-b8
Link to Part 4: https://youtu.be/0HYKxY2PReA


DISCLAIMER: This video is meant for informational purposes only and does not purport to be an advice or opinion, legal or otherwise, whatsoever. The information provided is not intended to create an attorney-client relationship and is not for advertising or soliciting. Lakshmikumaran & Sridharan (L&S) does not intend to advertise its services or solicit work through this video/audio clip. L&S or its associates are also not responsible for any error or omission in this video or for any action taken based on its contents. The views expressed are the personal views of the speaker(s).

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WEBINAR[PART2]:Legislative