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100,000 Income Tax notices to be cleared by March 2024.

  • Manav Bisht
  • July 26, 2023

Title: 100,000 Income Tax notices to be cleared by March 2024 : FM Nirmala Sitharaman

100,000 Income Tax notices to be cleared by March 2024.

100,000 Income Tax notices to be cleared by March 2024 : FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman declared at an Income Tax Day event in New Delhi that by March 2024, the income-tax (I-T) department’s reassessment letters sent in recent years targeting circumstances where income over Rs 50 lakh avoided taxation will have been rectified. The Finance Minister promised the people a tax system that was fair, impartial, and open. According to Sitaraman, expanding the tax base remained a primary priority, and the tax collection strategy—including tax deducted at source (TDS) and tax collected at source (TCS), as well as compliance programs—would aid in detecting and tracking possible tax liabilities.

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The Finance Minister stressed that the increase in income tax receipts was not due to higher tax rates, but rather to greater efficiency, leakage plugging, and economic formalization. She clarified that the tax letters were sent for situations of income misreporting and failure to file returns stretching back up to six years. The Finance Act 2021 shortened the time limit for revisiting assessments to three years, but notices might be sent within ten years of the end of the relevant assessment year in cases of tax evasion of at least Rs 50 lakh.

Concerning pending cases, Sitharaman stated that as of May, approximately 55,000 one-time cases opened in response to a Supreme Court order had already been resolved. She emphasized that the Central Board of Direct Taxes (CBDT) was not delaying the processing of issued notices and that discretion or system misuse was no longer prevalent.

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Nirmala Sitharam also emphasized the constant increase in tax revenues over the last three to four years, attributing it to the I-T department’s transparent and objective attitude. However, admit that she had a vague recollection of a few policemen using discretion in the past.

During the same event, Revenue Secretary Sanjay Malhotra and CBDT Chairman Nitin Gupta provided positive figures about the efficiency of the Income Tax department, such as a record number of income tax returns processed in a day and an increase in income tax collection over the previous year. Malhotra emphasized the need for further automation of taxpayers’ services.

The Finance Minister’s address focused on the government’s efforts to enhance tax compliance, streamline processes, and provide a fair and functional tax system for all taxpayers.

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