Income Tax Notice: According to information provided on Monday by Finance Minister Nirmala Sitharaman, the Income Tax Department has issued Income Tax Notices to more than 1 lakh taxpayers.
The Finance Minister Nirmala Sitharaman stated on Income Tax Day that tax notices have been delivered to around one lakh people whose returns have been determined to be incorrect and that these notices have not been sent unnecessarily. But by March 2024, the tax department will have resolved every dispute. The Finance Minister claims that the tax department is moving quickly to resolve the issued notices and will increase up speed in the upcoming days. According to data from last year and this year, taxpayers are now more satisfied with the Income Tax Department.
Notably, people have received Tax Notices from the Income Tax Department under two different categories. First, there are some who have hidden income and paid less tax, and second, there are those who haven’t filed an ITR despite having tax liability. These instances could all be between 4 and 6 years old.
Additionally, according to the finance minister, Notices have been given to taxpayers with incomes of over 50 lakhs. In this case, the government is hopeful that by the conclusion of current fiscal year, all unpaid taxes would be settled.
The Income Tax Department has been urging people to file their ITRs on time in this situation. If you fail to do this, persons with incomes over Rs 5 lakh and those with incomes below Rs 5 lakh will later be required to pay a penalty of Rs 5,000 and Rs 1,000, respectively. In this case, you must file your Income Tax return by July 31 in order to submit the tax without incurring penalties.
