Ahmedabad: Income tax department has issued notices to institutional taxpayers to file returns, but notices have gone even to those who have completed the procedure before the due date.Chartered accountants said a mistake has led to the situation but have demanded that notices be sent only to those who have not filed the returns.CA Jainik Vakil, chairman of GCCI’s direct tax committee said, “Over the past few days, the income tax department has been issuing notices to taxpayers to file their income tax returns for the 2022-23 financial year. However, the department has issued notices to even those taxpayers, who have filed their returns before the deadline. This has created panic among many. The department should rectify this mistake.”
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Income Tax Department has sent notices to hundreds of property buyers under new rules
The Income Tax Department has sent notices to hundreds of property buyers under new rules. According to the Income Tax Act, buyers purchasing property worth Rs 50 lakh or more must pay 1 percent TDS to the central government. If the buyer’s Aadhaar card and PAN card are not linked, they may end up paying 20 percent TDS instead of 1 percent. The department has found cases where the PAN of property sellers is not linked to an Aadhaar card, resulting in inactive PAN cards. Buyers with inactive PAN cards are receiving notices to pay outstanding TDS on properties worth more than Rs 50 lakh. It is mandatory to link Aadhaar in ITR, and the deadline for linking Aadhaar and PAN card was March 31, 2022. However, you can still link PAN and Aadhaar by paying a late fee of Rs 1000.
If your Aadhaar card and PAN card are notlinked, you may end up paying TDS of 20percent on the purchase of property insteadof 1 percent. The Income Tax Departmentsent notices to hundreds of property buyersunder the new rules.
According to the Income Tax Act, a buyerpurchasing any property worth Rs 50 lakh ormore will have to pay 1 percent TDS to thecentral government and 99 percent of thetotal cost to the seller.
Nearly six months after the deadline forlinking Aadhaar and PAN ended, the IncomeTax Department has sent a notice to buyerspurchasing a property worth more than Rs50 lakh saying they have to pay 20 percentTDS on the purchase of the property.
Read more at: ITR Notice: Notices are coming as soon as ITR is filed
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‘Largest haul of black money’: Income Tax department raid on Odisha distillery has turned up Rs 290 crore so far, counting still on after 3 days
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Read more at: Income Tax Return: Do not make these mistakes while filing ITR, otherwise there may be big loss