Finance Minister Nirmala Sitharaman Monday said that the income tax department has sent one lakh notices in cases where assesses have either not declared income or have underreported income. She was speaking at the 164th Income Tax Day celebrations. Under income tax law, officers can reopen past assessments of up to six years. He also added that the income tax department is trying to process all the income tax returns (ITRs) by early next month, and the refunds will be subsequently issued. ✔️ How does India’s approach to taxing virtual digital assets compare to other countries?

Source: Economic Times July 25, 2023 09:56 UTC