Income Tax Notice: Important news for taxpayers. In fact, more than 68,000 taxpayers have received notices from the Income Tax Department. The answer to which has to be given to the taxpayers. If you have also received this notice, then check it.
The Income Tax Department has taken up around 68,000 cases for e-verification regarding non-disclosure or under-disclosure of income in Income Tax Return (ITR) for the financial year 2019-20. Central Board of Direct Taxes (CBDT) chief Nitin Gupta gave this information on Monday.
The Income Tax Department informs taxpayers about discrepancy in the Annual Information Statement (AIS) regarding financial transactions and ITR filed under the e-verification scheme. If taxpayers feel that the discrepancy pointed out in the e-verify is correct, they can send a reply to the tax department giving an explanation for the same.
Gupta said, “The department has taken up about 68,000 cases for e-verification for the financial year 2019-20 based on the risk management parameters initially fixed. Of these, in 35,000 cases (56 per cent) the taxpayers have already sent satisfactory replies or filed revised ITRs.
He informed that a total of 15 lakh revised ITRs have been filed so far and Rs 1,250 has been collected as tax. However, in the remaining 33,000 cases, no response has been received from the taxpayers. Taxpayers have time till March 31, 2023, to submit revised ITR for 2019-20.
Gupta said, “When an income tax payer files revised ITR, the chances of his case being taken up for scrutiny or reassessment are very less.” He said that the risk parameters for e-verification are fixed every year. However, he did not disclose the criteria regarding selection of cases for e-verification.
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
