The Income Tax Department has started verifying refunds claimed by taxpayers for TDS deductions. A notice can also be sent if a mistake is found.
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Income Tax Notice: If you have filed income tax return and you are getting notice from Income Tax Department for claiming tax refund, then you have to keep some important things in mind. The deadline for filing updated Income Tax Return (ITR) for individual taxpayers for the financial year 2022-2023 is 31 March 2023. The Income Tax Department has started the process of tax return. If any mistake or deficiency is found in your documents, income tax department may send notices to you. Not giving the correct income information can be a burden for you.
The Income Tax Department is verifying the refunds claimed by taxpayers for TDS deductions. The Income Tax Department is using an Artificial Intelligence (AI) enabled software to scrutinize such claims and send notices for mistakes. If any kind of mistake is found in this, then you can get into trouble.
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People can get such notices for claiming multiple refunds under various sections of the Income Tax Act. If proof of investment is missing or exemption has been claimed wrongly, the taxpayer may receive a mail from the I-T department to verify and revise the ITR. According to sources, notices are being sent to individual taxpayers for the purpose of reducing or revising the refund amount. Taxpayers and small traders claiming exemption under Section 80G of the Income Tax Act can get such notices.
Notice can be received for claiming wrong exemption
The Income Tax Department is sending more notices to the salaried class for claiming refund or mismatch of the amount mentioned in their Form 16. Businessmen are getting notices for showing excessive loss or wrong claims. Notices can also be sent to taxpayers to claim exemption under various heads such as investment, interest on home loan and rent paid under section 80C.
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First check this information
If you are a salaried employee, verify the refund claimed and match it with the deduction mentioned in Form 16. Also, match your deduction with Form 26AS. TDS amount should be same in both Form 26AS and Form 16 or 16A. If you find any missing information for TDS deductions in these forms, ask the concerned deductor to update his report.
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