Income Tax Notice: In some cases, taxpayers have not included capital gains, dividend income and have completely omitted information about their other bank accounts, the official said.
Income Tax Notice: The Income Tax Department has sent intimation notices to 22,000 taxpayers, including salaried and high net worth individuals and trusts. In fact, their deductions do not match the information given in their Form 16 or Annual Information Statement (AIS) or the data available with the Income Tax Department.
According to the ET report, all these information notices were sent for tax returns filed for assessment year 2023-24 and all the notices have been sent in the last 15 days. Of these, around 12,000 notices were sent to salaried taxpayers where the difference between the tax deductions claimed in their returns and the department’s records was more than Rs 50,000. However, News24 does not confirm this report.
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Additionally, information notices were sent to around 8,000 taxpayers who filed tax returns under Hindu Undivided Family (HUF) status, where the income discrepancy between their returns and the data maintained by the IT department was more than Rs 50 lakh.
For 900 high net-worth individuals (HNIs), the disparity was Rs 5 crore and above, and for 1,200 trusts and partnership firms, the disparity stood at over Rs 10 crore. The report states that these notices have been sent to these taxpayers to remove discrepancies and make corrections in tax declarations.
Primary Data Analytics
Preliminary data analysis has identified irregularities and discrepancies in the tax returns of nearly 2 lakh taxpayers. These discrepancies mainly pertain to discrepancies between income declarations,
expenditure or bank account details provided in their tax returns and data collected by the IT department, based on transactions linked to their bank or UPI accounts. This data analysis is a part of the department’s efforts to ensure tax compliance and accuracy in financial reporting.
