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Direct Tax Review To Exclude Past Investments, Notices, Searches—NDTV Profit Exclusive
Most tax provisions applicable before assessment year 2012-13 may be declared redundant as part of the finance ministry's ongoing direct tax review, according to people with knowledge of the matter.
07 Nov 2024, 02:55 PM IST 
The CBDT’s internal committee is working on a review of outdated direct tax sections, with over 6,500 responses collected to simplify the I-T Act and reduce compliance and litigation burdens. (Source: Pixabay)
The comprehensive review of direct taxes promised by the finance minister in this year’s Budget will not affect the tax assessment of total income arising out of past investments even if no new investments can be made under those provisions, according to people with knowledge of the matter. This includes investment in tax-free bonds maturing in 2027-28, they said.While tax provisions in the areas of exemptions and deductions, includi...
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