The Income Tax Department has started an investigation campaign regarding irregularities in TDS. The Central Board of Direct Taxes has found many irregularities in TDS payment. The board has prepared a 16-point plan to catch people who do not pay TDS.
Tax Notice: The Income Tax Department has started an investigation campaign regarding irregularities in TDS, which covers more than 40 thousand taxpayers. In this, action will be taken against those people and companies who have not deducted or deposited TDS/TCS. Notices are being issued to them.
This action is being taken on the basis of tax deducted in the financial year 2022-23 and 2023-24. The Central Board of Direct Taxes has found many irregularities in TDS payment. The board has prepared a 16-point plan to catch people who do not pay TDS. Apart from this, the data analyst team has prepared a list of such taxpayers for investigation, who have been kept on the radar for investigation.
An official associated with the case says that notices will be sent to these taxpayers, giving them a chance to correct any mistake in depositing tax.
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Strictness will increase on repeated violations of rules
It is being told that the Income Tax Department has prepared to take strict action against those people who are constantly violating the rules. Apart from this, action will also be taken in those cases where there is a big difference between TDS deduction and advance tax payment. Companies are repeatedly changing the details of TDS deduction.
If TDS has been deducted incorrectly, then there is a chance to correct it till March 31
If a bank or other institution has deducted TDS of a taxpayer incorrectly, then he can correct this deduction till March 31. Under this, those taxpayers will also get a chance, whose deducted TDS information is not visible in Form 26AS or Annual Information Report (AIS).
Six years period fixed
The government has fixed a maximum period of six years for correction in TDS returns, so that taxpayers get enough time to correct their mistakes. This time limit is six years from the financial year for which the revised TDS return is being filed. In this situation, the time limit for correcting the income tax return filed during the assessment year 2018-19 is ending on March 31.
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Taxpayer will have to apply
If this mistake has happened in the TDS return, then the taxpayer will have to request the concerned bank or institution to correct the return. Deduction cannot be claimed without correct TDS return. Apart from this, a new update has been released for Form-24Q and Part-B of Form-16 for the fourth quarter of 2024-25 on the TRACE portal.
