If you are a taxpayer then you must have heard the recent news about Income tax department’s drive by keeping a close eye on all your transactions. Even the salaried employees are on the radar. Department has already identified 12 lakh taxpayers who have not filed their returns, more than 20 Crores high-value transactions are being scrutinized and Notices/letters to more than 1.5 lakh people have already been issued.
8 reasons why you can expect income tax scrutiny notice?
Let’s take the first parameter today and see how & under what circumstances a notice can be issued to you as follows:-
Reason #1 – You have not filed your return
Every individual earning more than Basic Exemption Limit i.e. Rs. 2,50,000/- p.a. (Basic Exemption Limit has been enhanced from Rs. 2 lakhs.