The Income Tax Department is sending notices to thousands of taxpayers, under which it has been said that individual taxpayers have claimed wrong deductions.
Income Tax Department Notice: Income Tax Department is sending notices to thousands of people in different parts of the country. According to a report, the Income Tax Department has sent a tax notice under Section 143 (1) to the taxpayers of Maharashtra and Gujarat and asked why they have claimed deduction under Section 80P. The Income Tax Department has informed that taxpayers will have to reply within 15 days. If reply is not given then taxpayers may get notice again.
It has been said that under this, only cooperative societies can claim deduction ranging from Rs 15 thousand to Rs 20 thousand, but this will happen only if they are earning from banking or credit facility, agricultural activity and cartage industries.
According to Moneycontrol report, Ahmedabad-based chartered accountant Raju Shah said that wrong notices are being sent under Section 143 (1) (A) to claim Section 80P deduction. These notices are not being sent to co-operative banks, but to individuals. Whereas this claim is made by the cooperative banks.
Individual taxpayers cannot claim
The emailed notice states that deduction under section 80P cannot be claimed for assessment year 2023-23 and concerned taxpayers have been asked to respond within a time limit of 15 days.
These people also got notice
The Moneycontrol report quoted another chartered accountant as saying that high net worth individuals have received inquiry notices for the 2022-23 assessment year. This happens because of individuals who have claimed too many deductions.
