ITR Filing 2024: Union Minister of State for Finance Pankaj Chaudhary, in response to a question in the Lok Sabha, has told about sending notices of higher tax demand to taxpayers. He has said that notices of higher tax demand are being sent to such taxpayers whose PAN is inoperative.
ITR Filing 2024: If the taxpayer’s PAN is not linked to Aadhaar, then he may get a notice of higher tax demand from the Income Tax Department. If the PAN is inoperative, the Income Tax Department is sending a notice of tax demand under section 206AA and CBDT’s circulars dated March 28, 2023 and April 23, 2024. In this regard, Union Minister of State for Finance Pankaj Chaudhary has given important information in response to a question in the Lok Sabha.
Notices of higher tax if PAN is inoperative
He said that notices of higher tax demand are being sent to such taxpayers whose PAN is inoperative. In cases where the salary does not exceed the exemption limit, notices of tax demand are not being sent. According to the Income Tax rules, income up to Rs 2.5 lakh per annum is exempt from tax in the old regime. Income up to Rs 3 lakh per annum is exempt from tax in the new regime.
CBDT had issued a circular of higher TDS rate
CBDT had issued a circular on March 28, 2023. It said that tax will be deducted at the rate of 20 per cent if PAN is inoperative. If PAN is not linked to Aadhaar, it becomes inoperative. The last date to link PAN with Aadhaar was June 30, 2023. A tax expert said that a higher rate of TDS is being implemented if PAN becomes inoperative after June 2023.
Last date to file return is July 31
The last date to file income tax return is July 31. Penalty will have to be paid for filing return after this date. Along with this, interest will also have to be paid on tax. Therefore, tax experts are advising taxpayers to file their returns before the deadline. They say that if the returns are not filed by the deadline, those taxpayers whose refund is due will suffer the most. Their refund money will be stuck.
More than 5 crore returns filed so far
The Income Tax Department had posted on the social media platform X on July 26. It was said that more than 5 crore taxpayers have filed their returns till July 26. It is expected that more returns will be filed this year than last year. Last year 6.88 crore returns were filed. If you have not filed your return, then file it soon.
