Income tax: Taxpayers want to finish this compliance by March 31

Income tax division has issued reminder to the taxpayers whose instances are underneath scrutiny. The state company, which undertakes direct tax assortment of the Government of India (GoI) requested such taxpayers to adjust to the notices issued to them by thirty first March 2022. Failing to fulfill the deadline of this revenue tax compliance will result in ‘finest judgement evaluation’ based mostly on the paperwork obtainable to the division.

The revenue tax division issued this reminder from its official twitter deal with citing, “Gentle reminder to taxpayers whose cases are under scrutiny,to be completed by 31.03.2022! Pl ensure timely compliance with notices issued by ITD calling for information/details. Failure to comply with the notice may result in Best Judgment assessment based on material on record.”

See revenue tax tweet beneath:

Gentle reminder to taxpayers whose instances are underneath scrutiny,to be accomplished by 31.03.2022!
Pl guarantee well timed compliance with notices issued by ITD calling for info/particulars. Failure to adjust to the discover might lead to Best Judgment evaluation based mostly on materials on document.

— Income Tax India (@IncomeTaxIndia) March 9, 2022

Detailing upon what does this revenue tax reminder imply; Mumbai-based tax and funding professional Balwant Jain mentioned, “This income tax reminder is for those taxpayers whose cases are under scrutiny and the department has issued notice to them as well. So, those who have filed income tax return (ITR) are advised to check on income tax compliance portal whether there is any notice issued by the department against them. If they found any such income tax notice, then they should reply to this notice by 31st March 2022 otherwise the department will do the best judgement assessment on the documents available to them.”

On what could possibly be the result if a taxpayer fails to fulfill the deadline of this revenue tax compliance, Balwant Jain mentioned, “Failing to meet the deadline of this income tax compliance may lead to additional income tax outgo or lower income tax refund amount.”

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