In 2023 about 22,000 taxpayers, including high-net-worth individuals, salaried individuals, and trusts, have receive notices from the Income Tax Department because their deductions don’t match the information on their Form 16 or Annual Information Statement (AIS).
As per report, all these intimation notices were sent for the tax returns file for the assessment year 2023-24, and all the notices were sent in the last 15 days.
After finding a disparity of more than Rs 50,000 between tax deductions claim in returns and departmental statistics, the department sent around 12,000 of these notices to salaried taxpayers.
The department has also sent out a notice to about 8,000 taxpayers who have file returns under Hindu Undivided Family (HUF) segment where income disparity between the return file and data with the department was over Rs 50 lakh.
IT Department also sent out notices to 900 high net-worth individuals (HNIs) where disparity was Rs 5 crore and above and 1,200 trusts and partnership firms where disparity was over Rs 10 crore and above.
The IT department’s primary data analytics have identified irregularities and anomalies in the returns file by about 2 lakh taxpayers whose income declarations, expenditures, or bank account details do not match the information the department has gather based on the transaction link to their bank or UPI account.
Taxpayers can pay the due tax with an updated return with interest or provide a detail explanation about it, adding that in some cases, taxpayers are yet to include capital gains, dividend income, and some have entirely exclude the information about their other bank accounts.
Another official said that a more detail sector-wise data analysis was being conduct in the case of corporates, trusts, partnership firms and small businesses.
