Income tax: Taxpayers need to complete this compliance by March 31
March 12, 2022
CA Chandan Agarwal's Office
Failing to meet the deadline of this income tax compliance may lead to additional income tax outgo or lower income tax refund amount
Income tax department has issued reminder to the taxpayers whose cases are under scrutiny. The state agency, which undertakes direct tax collection of the Government of India (GoI) asked such taxpayers to comply with the notices issued to them by 31st March 2022. Failing to meet the deadline of this income tax compliance will lead to ‘best judgement assessment’ based on the documents available to the department.
The income tax department issued this reminder from its official twitter handle citing, “Gentle reminder to taxpayers whose cases are under scrutiny,to be completed by 31.03.2022! Pl ensure timely compliance with notices issued by ITD calling for information/details. Failure to comply with the notice may result in Best Judgment assessment based on material on record.”
Detailing upon what does this income tax reminder mean; Mumbai-based tax and investment expert Balwant Jain said, “This income tax reminder is for those taxpayers whose cases are under scrutiny and the department has issued notice to them as well. So, those who have filed income tax return (ITR) are advised to check on income tax compliance portal whether there is any notice issued by the department against them. If they found any such income tax notice, then they should reply to this notice by 31st March 2022 otherwise the department will do the best judgement assessment on the documents available to them.”
On what could be the outcome if a taxpayer fails to meet the deadline of this income tax compliance, Balwant Jain said, “Failing to meet the deadline of this income tax compliance may lead to additional income tax outgo or lower income tax refund amount.”
Failing to meet the deadline of this income tax compliance may lead to additional income tax outgo or lower income tax refund amount