Income tax return: significant update for taxpayers, this error will cost a lot of money

 

Income Tax Return: If you additionally file an Income Tax Return (ITR Filing) each year, you should start exercising caution at this point. For the benefit of tax payers, the Income Tax Department will undertake significant changes. Let's learn all the pertinent information.


The government will henceforth keep a close check on people who purchase pricey apartments, farm properties, and luxury automobiles. The Income Tax Administration has learned that certain individuals who travel overseas and lead affluent lifestyles domestically disclose less information about their yearly income. The department believes that these individuals are dodging taxes.


There will be notification of ITR mistake.

Now, the money provided by these people and the property purchased (luxury cars, apartments, etc.) will correspond. Notice will be issued to these individuals right away if any errors are discovered in the ITRs they have submitted.

Depending on whether the income tax payer has responded to the notice, action will be done. The current financial year's direct tax collection goal has been set at Rs 16 lakh crore, according to statistics provided by CBDT.

Goal is anticipated to rise by 15 to 20%.


The direct tax collection has surpassed Rs 14.71 lakh crore as of January 10 according to information made public by the Income Tax Department. After refunds, this tax was collected for Rs. 12.31 lakh crore.

The goal of direct tax collection is anticipated to be achieved with less than 1.5 months left in the fiscal year. The objective for direct tax collection in the fiscal year 2023–2024 is estimated to rise by 15–20%. That is, it might rise to 19 to 20 lakh crore rupees the following time.

in order to stop tax evasion

The CBDT representative stated that in addition to raising direct tax collections, it is essential to reduce tax evasion and boost the number of taxpayers. On the other hand, it is also true that the government has made income up to Rs. 7 lakhs annually exempt from taxes this time.

There may be fewer ITR filers this year as a result of this circumstance. Nonetheless, the government wants tax payers to accurately declare their income. This time, the department is getting ready to take harsh measures in this area.