Read on the application
Between April and August this year, the Income Tax (IT) department has sent notices to around 5 lakh taxpayers. This notice is sent to taxpayers who have paid zero or less advance tax. The Income Tax department has taken this step at a time when the deadline for depositing the second installment of advance tax is approaching. The second installment of advance tax is to be paid by September 15.
What is the whole matter
According to a Business Standard news, the Income Tax department has issued notices after examining the data of significant transactions made in the last financial year and the first quarter of the current financial year. During the investigation, around 25 lakh cases have been detected involving high income tax payers or those who purchased valuable goods and did not pay advance tax or paid less tax in the previous financial year. Taxpayers who made good profits in the stock market in the last year have also received the notice. Expensive immovable properties, vehicles, farm houses etc. were purchased during this period.
Let us tell you that advance tax is paid in installments. These four installments are given in June, September, December and March. Taxpayers pay advance tax according to their estimated income.
Incorrect notification to these taxpayers: Meanwhile, the Income Tax Department has said that the notice sent to claim tax deduction wrongly under Section 80P is a mistake. Income Tax Department Twitter But in response to the user’s query, it was stated that the notices sent to individual taxpayers were sent by mistake. Soon an email will be sent to the taxpayers in this regard.