Taxpayers make various efforts to save tax. But this cleverness can cost them dearly. Finance Minister Nirmala Sitharaman says that notices have been sent to about one lakh taxpayers. An error has been found in his return.
New Delhi: The deadline for filing ITR (ITR) is fast approaching on July 31. Any kind of cleverness in ITR to save tax can be heavy. Finance Minister Nirmala Sitharaman says that notices have been sent to about one lakh taxpayers. An error has been found in his return. In most of these cases, taxpayers have hidden or under-disclosed their income. These returns are four to six years old and the Income Tax Department will settle all these cases by March 31, 2024. It is no longer easy for taxpayers to avoid any kind of trickery. The reason for this is that the Revenue Department is resorting to technology to check ITR. Also, its 360-degree profiling is being done to verify the claims of taxpayers. The help of data mining and analytics is also being taken.
Sitharaman said on the occasion of Income Tax Day on Monday that notices have been sent to one lakh taxpayers. These people showed less income in ITR or did not disclose it. These notices have not been sent without any reason. He said that the Income Tax Department would deal with all the cases in a transparent and responsible manner. He said that with the help of technology, the work of taxpayers has become easier and they are paying tax in a jiffy. People are getting information about all the sources of their income. This is reducing tax disputes.
To which taxpayers the notice was sent
Officials said that notices have been sent to about one lakh taxpayers in the last 14 months. Most of these are people whose annual income is more than Rs 50 lakh. Under the Income Tax Act, authorities can reopen cases as old as six years. Sitharaman said that the CBDT has completed scrutiny assessment of 55,000 notices in May 2023. These notices were sent after a decision of the Supreme Court. He said that now people cannot play with the system. Our stand on this is clear.
