Key Points
The income tax department aims to complete the assessment of 1,00,000 income tax notices sent for a mismatch in disclosed income and available information by March 2024, according to Finance Minister Nirmala Sitharaman..
Income Tax Day: 'Not rate hike, but efficiency hike...,' says FM Nirmala Sitharaman..
And in 4th, 5th and 6th year, they (tax officers) reopen the assessment only under certain situations," Sitharaman said at the 164th income tax day event here...
That set of notices which have been issued based on the information that we had, for whose income was above Rs 50 lakh and certain other criteria... these assessments will be completed by March 2024," the minister said.. Sitharaman further said that the Central Board of Direct Taxes (CBDT) in May 2023 completed a scrutiny assessment of the 55,000 notices which they had sent pursuant to a Supreme Court judgement...
Stating that under the new tax regime, people with an annual income of up to Rs 7.27 lakh will not have to pay any tax, Sitharaman said there is a constant approach to make taxation, rates, and technology people-friendly...
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