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Not responding to Income Tax notices will now be a burden, new guideline released
Income Tax Department: A new guideline has been issued by the Income Tax Department. According to this, notice will be sent by the authorities till June 30 under section 143(2) of the IT Act, if discrepancies are found in income tax.
The Income Tax Department has come up with new guidelines for scrutiny. This will make it easier for the authorities to take action against those who are not responding to income tax notices.
These guidelines from the IT department are regarding the selection of cases for departmental scrutiny. After this, the department can take up those cases for scrutiny, about which information about tax evasion has been provided by any investigating agency.
According to the new guideline, notices under Section 143(2) of the IT Act will be sent to the taxpayer by June 30 on discrepancies in income.
On receipt of notice from the IT department, the taxpayer will have to show documents related to income. If no reply is given to the notice u/s 142(1) of the Income Tax Act, then the case will be referred to NaFAC for further action.
Under section 142(1) the tax agencies can seek clarification on the return filed by the taxpayer. If the return has not been filed, then information regarding this can also be sought from the tax authorities. At the same time, it was told in the guidelines that only NaFAC issues the notice under section 143(2).
A few days ago, ITR 1 and 4 for the financial year 2022-23 have been issued online by the Income Tax Department. These forms are used by individuals, professionals, and small businesses to file income tax. The rest of the forms will be issued in the coming time.
