- Advertisement -
HomePersonal FinanceIncome taxpayers alert: Big news! 40,000 taxpayers are on the radar of...

Income taxpayers alert: Big news! 40,000 taxpayers are on the radar of Income Tax, check details

- Advertisement -
- Advertisement -

The Income Tax Department is preparing to launch a big campaign across the country. Under this, action will be taken against those people and companies who have not deducted TDS or TCS or have not deposited it to the government.

The Income Tax Department is preparing to launch a big campaign across the country. Under this, action will be taken against those people and companies who have not deducted TDS or TCS or have not deposited it to the government. According to officials, about 40 thousand taxpayers are under investigation. This investigation will be based on the tax data of financial year 2022-23 and 2023-24.

16 point plan to catch TDS defaulters

CBDT (Central Board of Direct Taxes) has prepared a 16-point plan to catch TDS defaulters. The data analytics team has prepared a complete list of taxpayers who have not paid taxes.

A senior official said, “We have complete data. Those who have not deposited the tax will be sent notices first.” He also said that those who repeatedly break the rules will be kept under special surveillance.

Which cases will be investigated?

1- If there is a big difference between TDS deduction and advance tax payment, then there will be an investigation.
2- Cases where there have been repeated changes and corrections in the name will be investigated.
3- Companies that are using loss-making companies in audit will also come under the scope of investigation.
4- Those who reduce the default amount by amending TDS returns several times will also be monitored.

Strict action will be taken under section 40(a)(ia)

The CBDT has asked income tax officers to report major defaults under section 40(a)(ia) of the Income Tax Act. This section does not allow tax deduction in cases where TDS has not been deducted or deposited with the government.

Data analytics will catch the irregularities

Field officers have been asked to use data analytics to understand irregularities and patterns in TDS payments. Also, complaints made by taxpayers will be taken care of.

Honest taxpayers will not face any problem

The official said that the aim of this campaign is not to harass anyone. It is only against those who are deliberately evading taxes. The government has simplified the rates of TDS and TCS in this year’s budget so that honest taxpayers get relief.

Tax evasion will stop, economy will benefit

The government hopes that this campaign will reduce tax evasion and increase government revenue. This will also benefit honest taxpayers and strengthen the country’s economy.

Most Read Articles:

Deepak Kumar
Deepak Kumar
Deepak Kumar has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @deepakmaurya152004@gmail.com
RELATED ARTICLES

Most Popular

Recent Comments