In an effort to avoid paying income tax. Some persons provide inaccurate information to the Income Tax Department regarding their income and source of income. The examination of the 100,000 income tax notices given to the Income Tax Department (Income Tax Deptt.) due to discrepancies between the information provided and the stated income. According to Finance Minister Nirmala Sitharaman, will be finished by March 2024. Due to discrepancies between the information it has on hand and the information provided in individual taxpayers’ Income Tax Returns (ITR). The Income Tax Department has sent notices to around one lakh individuals earning more than Rs 50 lakh.
Send letters to people who fail to file ITR
Additionally, the agency has mailed reminders to those who have not yet turned in their tax returns. Sitharaman said, “The Central Board of Direct Taxes (CBDT) has assured me that by March 2024, all one lakh notices will be settled,” speaking at the event held on the 164th Income Tax Day. These notices have been sent to individuals with incomes greater than Rs 50 lakh based on information held by the government.
Re-evaluation is permitted every six years
According to the Income Tax Act, the department has up to 6 years to reassess the tax information. In response, Sitharaman remarked, “Now, the tax assessment of any person would not be reconsidered after six years. Re-assessment is only permitted in specific situations, even in the fourth, fifth, and sixth years. He claimed that these matters are only reopened with the principal chief commissioner-level officer’s consent.
In May, 55,000 notices were examined
According to the Finance Minister, the CBDT (CBDT) has finished reviewing the 55,000 notices that were sent in accordance with the Supreme Court’s directives in May 2023. He declared, “In the present, the CBDT is not delaying the notices sent. It is a very obvious approach. It is not a place of discretion or where the system is being tampered with.
He claimed that despite not raising income tax rates. The effectiveness of the Income Tax Department is causing an increase in tax collections. According to him, the government is considering making taxation and its rates more palatable.
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