Skipped Submitting ITR? You Could Get A Tax Refund Very Quickly.
If you haven't filed your profits tax (ITR) in the past few years notwithstanding having taxable income, you might be in a hassle. The profits tax branch has identified people who have undisclosed profits chargeable for earnings tax.
Based on their findings, profits tax assessing officers (AO) will take motion, together with sending tax notices under segment 148A, and so on.
In keeping with resources, the income tax branch has accrued statistics from multiple assets, like annual data announcements (AIS), TDS/TCS facts, announcements of economic transactions (SFT), and import and export records.
The usage of this information, the department has identified folks that had taxable profits but did no longer record ITR.
But the motion specifically covers the financial years 2018-19, 2019-20, and 2020-21 (evaluation years 2019-20, 2020-21, and 2021-22).
HOW DOES the earnings TAX department identify NON-FLIERS?
The tax government uses a chance control approach (RMS) to flag excessive-threat non-filers, said the department. This system appears at excessive-price transactions (asset purchases, big financial institution deposits, and so forth), earnings from revenue, lease, mutual price range, stocks, and many others.
If a person's earnings or spending passed the tax-filing threshold, however he/she did not record a return, then that man or woman is probably on their list.
WHAT TO DO NOW?
For the reason that the deadline to file an up-to-date go back (ITR-U) for AY 2021-22 changed to march 31, 2024, you presently have restricted options. You can follow for condonation of put-off, in which the tax branch permits you to report your go-back past due. But, in this case, approval isn't assured and might take time.
Also, a person, after you have a tax word for now not filing their ITR, can prevent further hobby accumulation and appeal for penalty remedy because they may be proactively addressing the difficulty.
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