Income Tax: If the Income Tax Department finds any discrepancy related to the filed returns of the taxpayers, then the Income Tax Department sends them notices. Now recently, the Income Tax Department has started taking action against some taxpayers regarding the irregularities and in this investigation campaign, the Income Tax Department will tighten the screws on many taxpayers (IT Taxpayers News Updates). Let us know about this action of the Income Tax Department and why these notices are being sent to the taxpayers by the Income Tax Department.

For what reasons are notices being sent-

The Income Tax Department is tightening the screws on taxpayers who do not deposit TDS / TCS. In the recent past, the Income Tax Department had found irregularities in TDS payment (Tax deduction at source), due to which the Income Tax Department has started this investigation campaign. Let us tell you that this action is being taken based on the taxes deducted in the financial years 2022-23 and 2023-24.

16 plans prepared for investigation

The Central Board of Direct Taxes has made 16 plans during the investigation. These 16 plans have been made to catch people who do not pay TDS. Along with this, the Data Analyst Team has prepared a list of taxpayers kept on investigation for investigation. An official associated with the case has clearly said that such taxpayers will be sent a notice immediately. This notice will give them a chance to correct the mistake made in depositing tax.

Strict action will now be taken against such taxpayers-

The Income Tax Department will now take strict action against such taxpayers who are repeatedly violating the rules while depositing tax. If the Income Tax Department finds a big difference between TDS deduction and advance tax payment during the investigation and companies are repeatedly making changes in the TDS deduction details, then strict action will now be taken on those cases as well.

You can make corrections till 31st March-
Even now, if banks or other institutions have deducted the TDS of any taxpayer in a wrong manner, then they have a chance till 31st March to avoid the Income Tax Department's action. They can correct this deduction till 31st March. Not only banks or other institutions, but those taxpayers are also getting a chance whose deducted TDS information is not visible in Form 26AS or Annual Information Report. Now they have a chance to make corrections till 31st March.

Taxpayers have time for correction-

The government gives sufficient time to taxpayers to correct their mistakes. The government has fixed a maximum period of six years for correction in the TDS return. This time limit is six years from the financial year for which the correction TDS return is being filed. Now if the assessment is done in such a situation, then the deadline for correction of all the income tax returns filed during the assessment year 2018-19 is ending on March 31. In such a situation, get the correction done before that.

Correct the mistake made in the TDS return like this-

Note that if you have made any such mistake in filing TDS Returns, then for this you will have to request the concerned bank or institution to correct the return. If you do not file the TDS return correctly, then the deduction cannot be claimed.

Apart from this, a new update has also been released by the Income Tax Department. This new update has been done for Form-24Q and Part-B of Form-16 for the fourth quarter of 2024-25 on the TRACE Portal.

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