Income Tax Department Action: The Income Tax Department of the country is tightening the noose on such taxpayers and institutions which are making irregularities in filing income tax returns – know which deficiency is mentioned and on whom it will tighten the noose.
Income Tax Department Action: If you file income tax return then this news may be useful for you. The Income Tax Department of India is taking strict action at this time. He is tightening the noose on those taxpayers who have irregularities in their income tax returns or who are not paying tax even after coming within the limit or are paying less tax. A news related to this has come out.
The Income Tax Department of the country has identified 1.52 crore people who have income, or who have paid Tax Deducted at Source (TDS), but have not filed their returns. The news is that the Income Tax Department will start a campaign against those individuals and institutions who are required to file their Income Tax Returns (ITR) but have not done so.
Income Tax Department identified 1.52 crore persons
According to the report of economic newspaper and website Economic Times, the Income Tax Department has identified 1.52 crore persons who have income or have not filed their returns despite filing TDS. According to the said report, the Central Board of Direct Taxes has asked to contact such defaulters through field formation by 15th April.
Taxpayers more – returns less!
An official said that in the financial year 2022-23, there were about 8.9 crore income tax payers while 7.4 crore returns were filed. The official also said that the number of returns also includes revised returns. The result of this is that perhaps there were 1.97 crore people who did not file ITR despite TDS deduction. Of those who did not file their returns, 1.93 crore were in the individual category, 28,000 were from Hindu Undivided Families (HUF) and 1.21 lakh were companies. Apart from this, the rest were from other categories.
Instructions given to field officers
It has been said in the report that there were many such instances in which bank transactions related to PAN were very high, due to which it became necessary to file ITR. In such a situation, the Income Tax Department has asked field officers to contact such persons with correct data and information and explain to them why they need to file their ITR. CBDT has data that tax notices are being sent to around 8,000-9,000 potential taxpayers, against whom the department has records of high ticket purchases or high cash deposits.
Penalty will be imposed on willful defaulters
If they are found willful defaulters, such people will have to pay penalty but taxpayers who have genuine reason for the sudden income may have to provide an explanation or file a return. Last month, CBDT said that net direct tax collection till March 17 has increased by 19.88 per cent to more than Rs 18.90 lakh crore due to higher advance tax collection.
Read this also-
- Pension Calculator: How much pension will be received from PF account, know details
- New Loan Rules: Loan taking rules will change from October 1, know details
Passport Service Closed: This important passport service will remain closed for two days, check updates immediately
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 businessleaguein@gmail.com
