Home Income tax Individual Income Tax 22000 Taxpayer receive Income Tax Notice on account of mismatch with Form 16

22000 Taxpayer receive Income Tax Notice on account of mismatch with Form 16

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22000 Taxpayer receive Income Tax Notice on account of mismatch with Form 16

22000 Taxpayer obtain Revenue Tax Discover on account of mismatch with Type 16

The Revenue Tax Division has despatched discover to 22,000 taxpayers this 12 months, together with high-net-worth individuals, salaried individuals, and trusts, that their deductions don’t match the info on their Type 16 or Annual Data Assertion (AIS).

All of those intimation notices, in line with a report, had been despatched for tax returns submitted for the evaluation 12 months 2023–2024, they usually had been all despatched inside the previous 15 days.

The division despatched roughly 12,000 of those notices to salaried taxpayers after figuring out that there was a discrepancy of greater than Rs 50,000 between tax deductions reported in returns and official statistics.

Moreover, the tax division handed out discover to roughly 8,000 taxpayers who filed returns below the Hindu Undivided Household (HUF) sector and whose revenue was above Rs.50 lakh completely different from information saved by the company.

Moreover, the IT Division despatched notices to 1,200 belief and partnership companies and 900 excessive internet price people (HNIs) when there was a mismatch of above Rs.10 crore.

Usually talking, the division’s major information analytics have discovered anomalies and irregularities within the returns submitted by about 2 lakh taxpayers whose revenue declarations, bills, or checking account info don’t match the info the division has gathered primarily based on the transaction linked to their financial institution or UPI account.

That is the primary intimation discover. A requirement discover would solely be dealt with if taxpayers ignored it or did not ask for clarification, in line with an official of the revenue tax division.

The official added that in sure instances, taxpayers have but to incorporate capital good points, dividend revenue, and a few have fully omitted the details about their different financial institution accounts. Taxpayers pays the overdue tax with an up to date return and curiosity or present a full clarification of it.

Within the case of firms, trusts, partnership companies, and small companies, a extra thorough sector-specific information evaluation is being carried out, in line with one other official.

The second official added that work is already being achieved to make AIS extra thorough and detailed. “The digitisation of the economic system has made it simpler for them to trace any wilful evasion, and going ahead, higher syncing of account aggregators will make evasion harder,” he mentioned.

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