July 25, 2023 : The Income Tax Department (ITD) has sent over 1 lakh notices to taxpayers for under-reported income and non-filing of returns. The notices were sent to taxpayers who have not filed their income tax returns for the financial year 2021-22, or who have under-reported their income.
The ITD has been taking a number of measures to crack down on tax evasion. In addition to sending notices, the ITD has also been conducting searches and surveys. The ITD has also been using data analytics to identify potential cases of tax evasion.
The ITD's efforts to crack down on tax evasion have been successful in generating significant revenue for the government. In the financial year 2021-22, the ITD collected ₹14.19 lakh crore in direct taxes, which was an increase of 44.4% over the previous year.
The ITD's notices to taxpayers for under-reported income and non-filing of returns are a warning to taxpayers that the ITD is serious about collecting taxes. Taxpayers who have not filed their income tax returns for the financial year 2021-22, or who have under-reported their income, should take action to rectify the situation.
Here are some tips for taxpayers who have received a notice from the ITD:
It is important to note that the ITD can take a number of actions against taxpayers who do not comply with the notice. These actions can include:
Taxpayers who have received a notice from the ITD should take action to rectify the situation. If you have any questions about the notice, you should consult with a tax advisor.