Salaried, HNIs, trusts under income tax lens for mismatch in tax filing

Tax sleuths have sent intimation notices to about 22,000 taxpayers for the assessment year 2023-24, including salaried individuals, HNIs, trusts, and Hindu Undivided Families (HUFs) because of discrepancies between the deductions claimed in their tax returns and the information provided in their Form 16 or Annual Information Statement (AIS).

The income-tax (I-T) department has issued intimation notices to approximately 22,000 taxpayers, including salaried individuals, high-net-worth individuals, trusts, and Hindu Undivided Families (HUFs) regarding discrepancies between the deductions claimed in their tax returns and the information provided in their Form 16 or Annual Information Statement (AIS), or the data available with the Income Tax Department, a newspaper report has said.

These intimation notices pertain to the tax returns filed for the assessment year (AY) 2023-24, and all of them were dispatched within the past 15 days.

Around 12,000 of these notices were sent to salaried taxpayers, where the variance between the tax deductions claimed in their returns and the department’s records exceeded Rs 50,000, the Economic Times reported.

Read More: TAX AUDIT UNDER INCOME TAX ACT,1961

Who Got Notices?

  • Salaried taxpayers where the difference between tax deductions claimed and department data exceeded  Rs. 50,000 
  • Taxpayers who have filed returns under HUF where the disparity was over Rs. 50 lakh
  • HNIs where disparity was Rs. 5 crore and above
  • Trusts and partnership firms where disparity was over Rs. 10 crore and above

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