Budget 2024: Taxpayers can re-assess income tax file beyond 3 years, and till 5 years, IF... FM revises time limit

Budget 2024: Finance Minister Nirmala Sitharaman has revised income tax re-assessment provisions. Income tax files can be reopened after three years fro the end of the assessment year if the income which is not disclosed during filing returns is ₹50 lakh or more.