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Home > News > Income TaxLast Updated: Sep 14th 2023

ITD issued Income Tax Notices under Risk Management Process

The Income Tax Department has recently increased their tax compliance measures. The purpose of the latest notices is to reduce the number of false investment claims made while filing ITRs.

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Recently, the Income tax department has begun sending notices to taxpayers in accordance with its risk management process. These notices are sent to taxpayers who claimed deductions that are inconsistent with their Form 16.

Within thirty days, taxpayers must respond and include their response. In uncommon instances, the required response time may be specified in the notice itself, which differs from the examples given above.

Taxpayers are urged to take these notices seriously in order to avoid penalties of up to 300% or consult EZTax experts.

Source(s): Team,

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Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.