Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said that the department will be sending notices to only those taxpayers for which it had definitive information.
The Income Tax Department will soon send notices to individuals who have not filed income tax returns (ITRs). The notices will be sent to even those whose income tax has been deducted at source, The Economic Times reported on Sunday.
Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said that the department will be sending notices to only those taxpayers for which it had definitive information. He said the department’s focus was on improving taxpayer services, from bringing down the period of refund to updated returns or solving a large tax dispute.
The CBDT has set up a demand management centre at Mysuru that’s focussing on tax disputes above Rs 1 crore, the chairman said. “At the particular point of time agreed upon by the taxpayers, they put together a chartered accountant, the assessing officials, and the taxpayers who try to resolve and reach agreement on assessment from both sides,” he was quoted as saying.
Gupta said that the centre was earlier confining itself to Karnataka disputes but now it was picking up cases from across India.
In the Interim Budget 2024, Finance Minister Nirmala Sitharaman announced the withdrawal of outstanding tax demands upto Rs 25,000. She said there were a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continued to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years.
“I propose to withdraw such outstanding direct tax demands up to Rs 25,000 pertaining to the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers,” she said.
Source: https://www.businesstoday.in/latest/economy/story/tds-deducted-but-not-filed-itrs-you-may-soon-get-income-tax-notice-416104-2024-02-04
© 2018 CA Chandan Agarwal. All rights reserved.