Income Tax Saving: If you want to save income tax, do this work before March 31, 68000 cases are on the radar of Income Tax Department – income tax 68000 cases picked up for income mismatch in itr
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You have to invest before March 31 to take advantage of the tax exemption. You can show it while filing income tax return. Tax can also be saved on this. The best and smart way to save tax is National Pension Scheme ie NPS. In this, taxpayers can claim an additional deduction of Rs 50,000 in addition to Rs 1.5 lakh under Section 80C. With this you can save your tax of lakhs of rupees.
on the misinformation radar
The Income Tax Department has identified 68 thousand such cases in which there is a possibility of tax evasion. Income Tax has found these suspicious cases in the transactions done during the year 2019-20. These include cases in which high value transactions have been done. If you have not yet filed the revised ITR, then you have the last chance till March 31, 2023. If you do not respond to the e-verification notice, there are chances that an investigation will be initiated.
15 days time
When taxpayers are informed by mail about e-verification by the tax department, the taxpayer has 15 days to respond to the information to the IT department. The CBDT has a time period of 90 days to complete a particular case under e-verify, but complex cases may take longer. The last date for filing updated returns for FY 2019-20 ends on March 31, 2023. Explain that the e-verification scheme was notified on December 13, 2021 and the pilot was launched in September 2022.
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