New Delhi. The Income Tax Department recently communicated to taxpayers through advisory notices sent to them regarding certain transactions, clarifying that no notice has been issued but advisories have been shared. These advisories include the disclosures made by taxpayers in their income tax returns and information available from reporting entities, and do not serve as official notices. The Department clarified that the purpose of the communication is to make taxpayers aware of the facilities available . It informs taxpayers that details of known transactions have been provided to the Income Tax Department from reporting entities during the financial year. This information includes transaction-related details provided by reporting entities to the tax department.
The Income Tax Department has said, the objective of this advisory is to provide an opportunity to taxpayers to give online feedback on the compliance portal of the Income Tax Department. Taxpayers are encouraged to review their previously filed income tax returns and, if necessary, amend them and submit the amended return. Those who have not yet filed their income tax returns, the department urges them to do so immediately. The Income Tax Department emphasizes on prompt response to advisories sent to taxpayers. It is noteworthy that the deadline for filing revised or delayed returns for the assessment year 2023-24 is fixed as December 31, 2023.
Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers pertaining to transaction(s) made by them.
Taxpayers may pl note that such communication is to facilitate the taxpayers & make them aware of the information…
— Income Tax India (@IncomeTaxIndia) December 26, 2023
The communication highlights the Department’s intention to facilitate compliance and correction processes for taxpayers. Its objective is to encourage taxpayers to take timely action with respect to their income tax returns and to take advantage of the online platforms available for correction and feedback purposes. This proactive approach of the Income Tax Department aims to ensure transparency and compliance by giving taxpayers an opportunity to rectify any discrepancies or missing information in their income tax filings before the scheduled deadline of December 31, 2023 for the assessment year 2023-24.