Income Tax Notice: Finance Minister Nirmala Sitharaman has informed on Monday that the Income Tax Department has issued Income Tax Notice to more than one lakh taxpayers.
This notice has been issued due to non-filing of ITR and giving wrong income information. The Finance Minister also said that these notices have been sent to those taxpayers whose income is more than 50 lakhs. In such a situation, the government hopes that by the end of this financial year all the outstanding taxes will be cleared.
According to him, the IT department is working fast to resolve these notices. He has also said that even though there has not been an increase in the income tax rates in the last few years, it has definitely increased the income tax collection. Finance Minister Nirmala Sitharaman was addressing a program at Vigyan Bhavan in Delhi yesterday on the occasion of the country’s Income Tax Day.
Notices have been sent in two categories
Significantly, the Income Tax Department has sent a total of two categories of notices to taxpayers. First are those people who have hidden income and paid less tax and second are those people who have not filed ITR despite having tax liability. Please tell that most of the cases are of those people whose income is more than 50 lakh rupees annually. All these cases can be 4 to 6 years old.
So many taxpayers filed income tax return
Speaking on the occasion of Income Tax Day, the Chairman of the Central Board of Direct Taxes (CBDT) said that for the financial year 2022-23, a total of more than 4 crore taxpayers have filed their income tax returns so far. Half of this has also been processed. It is worth noting that the date of filing ITR for the financial year 2022-23 and assessment year 2023-24 is getting closer.
In such a situation, the Income Tax Department is repeatedly advising people to file ITR on time. If you do not do this, then later people with income more than Rs 5 lakh will have to pay a penalty of Rs 5,000 and people with income less than Rs 5 lakh will have to pay a penalty of Rs 1,000. In such a situation, complete your work by July 31 to deposit the tax without penalty.