Tax Guru: The speed of processing of tax returns has reduced. 25-26 percent of returns are yet to be processed. It is important to check the return process even if there is no refund. There is also a possibility of getting a demand notice this year during tax returns
Tax Guru: CNBC Awaaz’s favourite show Tax Guru is here to solve all the problems related to tax. Here you are told about the best ways to save tax by staying within the rules. This time, well-known tax expert Gauri Chaddha is with CNBC Awaaz to tell these methods. First of all, let’s take a look at what is special today. Today, we will first try to know why there is a delay in the income tax return process? What things do you have to take care of for this, the Income Tax Department is keeping an eye on foreign remittances, is there a need to be cautious, along with this, we will also tell you that if you have paid extra tax on a higher salary, then how will you get a refund.
Why the delay in tax return processing?
Let us tell you that the speed of processing of tax returns has reduced. 25-26% of returns are yet to be processed. It is necessary to check the return process even if there is no refund. There is a possibility of getting a demand notice this year in between tax returns. If the email is registered with IT, wrong or someone else’s email will not be received. It is important for you to reply to the notice on time. You are getting the most notices for defective returns. That means the IT department has told you that the return you have submitted is defective. In which you are being given 15-20 days’ time, in which you have to revise and file the return. Notices are received due to reasons like mismatch, demand, bank validation.
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The Income Tax Department is keeping an eye on foreign remittances
Gauri Chaddha said that as I said earlier, the government is keeping an eye on where you are spending more money than your income. Gauri told that if there is no coordination between income and expenses, you can get a notice for foreign remittance. It is necessary to justify remittance and IT return. IT department will investigate whether tax evasion has taken place or not. In case of mismatch, high value penalty and tax will have to be paid.
Advice to Ashok Kumar
Since I have been receiving salary for the last 10-12 years, I have paid income tax in the 30% tax slab, but now orders have been issued for salary recovery. Is there any provision to get back the tax that I have paid till now?
Advising Ashok Kumar, Gauri Chaddha said that there is no provision for tax refund in case of recovery due to wrong salary payment in the IT Act. Now you will not even get a chance to revise the return. Talk to the employer and ask for relief in the tax amount.
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