IT Department Reveals Secret: Tax Notices for Such People?

IT Department Reveals Secret: Tax Notices for Such People?

When you earn more than a certain income, you have to pay tax in our country. According to the old income tax system, the tax rebate was Rs. 5 lakh.

According to the new tax system, it has reached Rs. 12 lakh. Under the Income Tax Act 1961, whichever you choose under the new and old tax systems, you have to pay tax according to those slabs.

If you exceed the tax exemption limit, you have to file ITR. Some people are ignoring this. That is, they are avoiding paying tax. The IT Department has now identified such people. It has already prepared a list of those who have not paid tax. Notices will also be sent to such people.

Those who are avoiding paying tax can be prosecuted under Section 148A. However, it seems that those listed so far are those who have not paid for the financial years 2018-19, 2019-20, 2020-21, and 2021-22. It is said that notices have already been sent to some of them.

The Income Tax Department checks AIS, TDS/TCS statements, and financial transaction statements to identify those who are evading tax. Through these, it finds out who is paying tax and who is not. It identifies those who are evading tax and issues notices to them.

Notices can be issued to those who are evading tax and action can be taken. However, experts say that if you apply for condonation of delay or pay the tax in full with interest, you have a chance to get out.

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