Now Tax officials will not issue demand notice on tax payers whose small difference is found in their returns.
This policy is being adopted for the small gap between the details of the taxpayer’s return (ITR) and the details of the accounts collected by banks and other financial institutions so that the small and salaried taxpayers get relief. Through this, the department wants to settle the cases of minor differences in the information provided by the taxpayer, provided the form 16 and the tax department to the credit statement form 26As.
Central Direct Taxes said (CBDT) Chairman Sushil Chandra, such minor differences in the cases has been a policy decision not to issue demand notices on the front. We rely on taxpayers and the purpose of this step is to make processing of income tax returns easier. This policy will be implemented from the assessment year 2018-19. As per the existing procedure, the Central Processing Center, Bengaluru, the Income Tax Department, issued the above notice. Chandra, however, said that in cases where the amount of money will be more or any kind of tax evasion may be suspected, detailed investigation will be done.
