Income Tax Notice: In the last 15 days, 22,000 notices have been sent by the Income Tax Department to salaried and high net worth individuals.
Income Tax Notice: Income Tax Department has sent Intimation Notices to 22,000 taxpayers. These taxpayers include salaried individuals, high net worth individuals and trusts whose deductions do not match with the information provided in their Form 16 or Annual Information Statement (AIS) or data available with the Income Tax Department.
To whom was the notice sent?
- A report in this matter states that all these notices were sent for the tax returns filed for the assessment year 2023-24 and all the notices have been sent in the last 15 days.
- The department sent around 12,000 such notices to salaried taxpayers where the difference between the tax deduction claimed in their returns and the department’s own data was more than Rs 50,000.
- Intimation notices have also been sent to around 8,000 taxpayers who have filed returns under Hindu Undivided Family (HUF) where there is a difference of more than Rs 50 lakh in income between the returns and the department’s data.
- In the case of 900 high net worth individuals, the difference in tax deduction was Rs 5 crore and above.
- And in the case of 1,200 trust and partnership firms, this figure is Rs 10 crore or more.
If you don’t reply to the notice…
In this context, an official of the Income Tax Department said that this is the first intimation notice. If the taxpayers do not respond to this or fail to provide any clarification, then only action will be taken on the Income Tax Demand Notice.
The official said that taxpayers can pay the outstanding tax with the updated return with interest or provide information about it in detail. In some cases, taxpayers have not included capital gains, dividend income and have not given details of their remaining bank accounts.
