The income tax (I-T) department has served scrutiny notices to many taxpayers for income-tax return (ITR) filed for the financial year (FY) 2017-18. However, according to chartered accountants and audit firms, most people who had declared foreign assets and income in their ITR were on the forefront of receiving scrutiny notices. “We are witnessing a jump of more than 30% in cases selected for scrutiny assessment this time around. Typically, scrutiny notices are issued by the department for verification, regular assessment or reassessment or for limited scrutiny. While, earlier, taxpayer or his or her representative were required to physically visit tax department after receiving the scrutiny notices, there is ‘e-proceeding’ facility now.

Source: Mint October 12, 2019 11:26 UTC