Which of the following statements is NOT correct?
A)When the person filing the return has made any misrepresentation due to neglect, carelessness or wilful default, the normal reassessment period can be extended beyond 3 years.
B)A taxpayer can choose to file a waiver to extend the 3 year time limit.
C)When a return has been reassessed once, no further reassessments are permitted.
D)Reassessment can occur outside the normal reassessment period when reassessment within the normal period affects a balance outside of the normal period.

Question

Quizplus · Accepted Answer

This statement is not correct as there are certain circumstances where reassessment can occur multiple times, such as when new information comes to light or where there has been fraud.

Which of the Following Statements Is NOT Correct