About 100,000 reassessment notices issued by the income-tax (I-T) department in the past years -- where the income escaped from tax was above Rs 50 lakh -- will be concluded by March 2024, Union Finance Minister Nirmala Sitharaman said on Monday, assuring taxpayers of a transparent, objective, and friendly tax regime.
Speaking at an Income Tax Day event in New Delhi, Sitharaman said that widening the tax base remained a priority, and that the tax collected or deducted at source (TCS and TDS) approach to “track and trace” the likely tax liabilities, along with campaigns and nudges to encourage people to come on board on taxes, would help.