Quick Summary
The Union Finance Minister, Nirmala Sitharaman, announced that the Centre has sent one lakh notices for non-filing of returns, under-reported income, and misrepresentation of income. These notices were sent to individuals whose income was found to be close to Rs 50 lakh. The notices were for old ret
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FAQ :
The Centre has sent approximately one lakh notices.
The notices are for non-filing of returns, under-reported income, and misrepresentation of income.
The notices were sent to individuals whose income was found to be close to Rs 50 lakh and for old returns filed 4 to 6 years earlier.
The Finance Minister assured that the entire block of one lakh notices will be cleared by March 2024.
More than 4 crore income tax returns were filed for the fiscal year 2022-23, with a record 74 million filings in FY23.
Under income tax law, tax officers can reopen past assessments up to six years, but not after the sixth year.
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