I-T wing identifies 30,000 ITR cases for scrutiny

I-T wing identifies 30,000 ITR cases for scrutiny





Why?


* They tried to regularise their unaccounted income by filing tax returns



What kind of cases are these?


* Cash in hand reported is significantly higher than the income declared in the previous years


* People who filed returns for the first time, reported cash in hand of Rs 5 lakh or Rs 10 lakh


What will be the action taken?


* Notices have been sent out by the tax department. If found to be a defaulter, he/she will face a penalty of 50%-200%


Demonetisation triggers higher returns


* E-filing of returns sees 21% growth up to August 1 at 23.3 million filers, up from 19.2 million filers last year


To facilitate manual filing of I-T returns on August 5, the CBDT has directed necessary arrangements be made for receiving ITRs up to midnight in all its offices





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