The tax division has despatched notices to almost one lakh people whose annual revenue used to be in far more than Rs 50 lakh, which incorporated those that didn’t document returns or individuals whose disclosed revenue used to be noticed to be understated as knowledge from different resources — similar to high-value purchases. In fresh years, the federal government has been monitoring knowledge from more than one resources and matching it with the returns and anywhere an opening is seen notices are typically despatched, giving taxpayers time to reply and rectify their annual filings.
“Now, no tax assessee should face reopening of tax evaluate after six years. And in fourth, 5th and 6th 12 months, they (tax officials) reopen the evaluate handiest below positive eventualities,” Sitharaman mentioned at an match to commemorate the 164th revenue tax day. She mentioned between the fourth and the 6th years, returns are reopened handiest after approval from a senior officer, and in instances the place revenue is greater than Rs 50 lakh.
“About 1 lakh notices were issued and I’m being confident by way of the CBDT that by way of March 2024 this complete 1 lakh (instances) might be cleared. That set of notices that have been issued according to the ideas that we had, for whose revenue used to be above Rs 50 lakh and sure different standards… those tests might be finished by way of March. ,