Income Tax department examining 68,000 Cases: The Income Tax Department has identified 68 thousand cases in which there is a possibility of tax evasion. These are the cases where high value transactions have been done. Let’s know about it in detail.
Income Tax Department has seen these suspicious cases in the transactions done during the year 2019-20. In such a situation, those who have not yet filed the revised ITR, have a chance till March 31.
The Income Tax Department is giving an opportunity to file revised ITR till 31st March. Those who do not file updated ITR after discrepancies are found in the original ITR, the Income Tax Department can take action after the deadline has passed.
Cases caught in this way
The Income Tax Department has identified high value transactions during e-verification in FY 2019-20 on a pilot basis. According to information, CBDT Chairman Nitin Gupta has told that out of these high value transactions, 35 thousand cases have been resolved in the first six months.
According to Gupta, tax liability can be paid in a transparent manner through the e-verification scheme. The scheme gives an opportunity to the income tax payer to acknowledge and rectify the discrepancy in the income tax filing. And through this he can file updated ITR.
15 lakh people filed updated returns
So far 15 lakh people have taken advantage of the e-verification scheme. And he has rectified the discrepancy in the original ITR return by paying tax. And these people have filed updated returns. And through this the Income Tax Department has got a revenue of Rs 1250 crore.
According to the information received from the Income Tax Department, there are still more than 30 thousand people who have not filed the updated ITR. In such a situation, it is necessary to use the e-verification scheme to avoid the action of the IT department. And file the updated ITR return by 31 March 2023.
