Income Tax Update: The department will also investigate those cases where specific information related to tax evasion has been made available through any law enforcement agency or regulatory authority.
As per the guidelines, tax authorities will have to send notices under section 143(2) of the Income Tax Act to income tax payers about discrepancies in income by June 30.
Income Tax Department: The process of filing income tax has started. At the same time, it has also been seen many times that people get notices from the Income Tax Department. Now the Income Tax Department has issued guidelines regarding the cases to be taken under the ambit of ‘investigation’. Under this, the cases of such income tax payers who have not responded to the notices sent through the department will be compulsorily investigated.
Income tax department
The department will also investigate those cases where specific information related to tax evasion has been made available through any law enforcement agency or regulatory authority. As per the guidelines, tax authorities will have to send notices under section 143(2) of the Income Tax Act to income tax payers about discrepancies in income by June 30. After this, the income tax payer will have to present the relevant documents in this regard.
Income Tax
It said that where no return has been furnished in response to the notice under section 142(1) of the Act, such case shall be referred to the National Faceless Assessment Center (NAFAC), which shall take further action. Section 142(1) empowers the tax authorities to issue a notice and seek clarifications or information in case the return is filed. In cases where returns have not been filed, they are asked to furnish necessary information in the prescribed manner.
Income tax department
The Income Tax Department will issue a consolidated list of cases in which the income tax payer claims income tax exemption or deduction despite cancellation or withdrawal of exemption by the competent authority. The guidelines state that notice under section 143(2) of the Act will be given to the income tax payers through NAFAC. (input language)
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
