Myitronline News Myitronline News

Navigate the World of Finance and Money with Ease! Myitronlinenews.com is a One-Stop solution for all legal & Financial blogs & updates! Empowering You with Knowledge to Make Informed Decisions! Stay Ahead for the latest legal and financial with Myitronlinenews.com!

An exclusive national news network with a Delhi base is labeled Myitronlinenews. Its English-language channels target the legal and financial sectors. To make legal and financial services simple to understand for our readership & viewers is our objective.

Patparganj, Delhi (HQ)

305 3RD FLOOR PLOT NO 51, Hasanpur, I.P.Extension, 110092
Myitronline Global Services
ITR Notice

Income Tax Return: Norms Notified For Compulsory Scrutiny

The Central Board of Direct Taxes (CBDT) has identified specific parameters for the compulsory selection of returns for thorough scrutiny during the fiscal year 2023-24. One of these parameters includes cases where a law enforcement agency provides specific information highlighting tax evasion for the relevant assessment year, and the assessee has filed the return for that assessment year.

Image

Income Tax Return: Norms Notified For Compulsory Scrutiny

During the current financial year, the income tax department will thoroughly scrutinize cases involving instances where no income tax return was filed, as well as cases where specific examples of tax evasion have been detected. This process will include searching and surveying such cases and issuing income tax notices to ensure a comprehensive examination of the matter.

The Central Board of Direct Taxes (CBDT) has identified specific parameters for the compulsory selection of returns for thorough scrutiny during the fiscal year 2023-24. One of these parameters includes cases where a law enforcement agency provides specific information highlighting tax evasion for the relevant assessment year, and the assessee has filed the return for that assessment year.

<p>ads1</p>

Apart from this, those taxpayers also will be scrutinized where the taxable income (Under the view of the assessing officer (AO)) has escaped from the assessment as per section 148 of the income tax act. The income tax department will also address cases where trusts and institutions have not been granted registration or approval under Section 12A, 12AB, or those engaged in scientific research under 35(1)(ii)/(iia)/(iii). 

Additionally, cases where such registration or approval has been canceled or withdrawn by the Competent Authority, but the assessee continues to claim tax exemption or deduction in their return, will also be scrutinized by the department.

<p>ads2</p>

The CBDT has mentioned that cases chosen for mandatory scrutiny by the International Taxation and Central Circle charges, following the prescribed parameters and procedure, will not be transferred to the National Faceless Assessment Centre (NaFAC) unless the case itself is transferred. 

The CBDT clarifies that the communication sent to NaFAC for access and subsequent action after selection for compulsory scrutiny does not apply to cases falling under International Taxation and Central charges.

The CBDT has further specified that June 9 is the deadline for the selection and transfer of cases to the National Faceless Assessment Centre (NaFAC) where assessments are to be conducted in a faceless manner. 

Additionally, June 30 has been designated as the last date for serving the Section 143(2) notice in cases selected for compulsory scrutiny. Section 143(2) provides an opportunity for the assessee to present their defense in case any errors or deficiencies are identified during the scrutiny process.

The CBDT highlighted that with the amendments introduced by the Finance Act 2021, the time limit for serving a notice under section 143(2) of the Income Tax Act has been shortened to three months from the end of the Financial Year in which the return is filed. 

<p>ads3</p>

This change implies that the income tax department now has a reduced time frame to issue notices for scrutiny and assessment purposes after the filing of the tax return.

Every year, the Central Board of Direct Taxes (CBDT) establishes parameters for the compulsory selection of scrutiny cases. This measure is taken as part of ongoing efforts to prevent the under-reporting and misreporting of taxable income. 

In addition to the parameter-based selection, some cases are also randomly picked using computer-assisted scrutiny selection methods. This combined approach helps ensure a comprehensive and effective scrutiny process by the income tax department.
 

FILING YOUR INCOME TAX RETURN F.Y 2022-23 (A.Y. 2023-2024) WITH MYITRONLINE

Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)

If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting

Upload Form-16

Upload Salary Individual Form-16

If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886.

Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com



Krishna Gopal Varshney

An editor at Myitronlinenews
View Articles

Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.


Leave a reply

Your email address will not be published. Required fields are marked *

Share this article

News Offers

Related Post