The Income-Tax Department has sent out intimation notices to 22,000 taxpayers, including salaried and high networth individuals and trusts whose deductions do not match the information furnished in their Form 16 or Annual Information Statement (AIS) or the data available with the Income Tax Department. All these intimation notices were sent for the tax returns filed for assessment year 2023- 24, and all the notices are sent in the last 15 days, ET has learnt. The department sent about 12,000 such notices to salaried taxpayers where the difference between tax deductions claimed in their returns and department’s own data exceeded ₹50,000. Only if taxpayers do not respond to it or fail to provide any clarification, a demand notice would be processed,” an income-tax department official said. A more detailed sector wise data analysis was being conducted in case of corporates, trusts and partnership firms and small businesses, another official said.

Source: Economic Times September 08, 2023 10:51 UTC