While on one hand tax sops may be rolled out, still improving tax collections is a sure shot way for the government to boost its revenues. Aggressive tax collections targets have been on each government’s things-to-do.
This NDTV profit article mentions that CBDT has done an review of returns filed so far for AY 2014-15(FY 2013-14) and have concluded that close to 5lakh tax payers who filed returns for the past 2-3 AYs and have incomes exceeding Rs 10lakhs have not filed their return yet. The article further says
A senior I-T officer said the department will soon issue a communication to these taxpayers to file their returns or else give reasons for not doing so.
Did you receive a notice or are worried you may receive one? While a notice would not essentially mean you have committed a crime – it would be good to get your taxes in shape. Delayed filing also attracts interest and penalties under section 234A, 234B and 234C. Besides that delayed returns also cannot be revised.
In case you have not filed a return yet – we urge you to do so soonest! Need help in understanding the notice or unsure about how to respond to such a notice – our experts can do this for you, and put your taxes in order.