Business

Four lakh taxpayers to face Income Tax department’s scrutiny, says report

Updated : September 26, 2019 10:25 AM IST

Over one lakh taxpayers have already been served a notice seeking explanation on the returns filed.

The scrutiny comes as part of the I-T department's new faceless assessment scheme.

Four lakh taxpayers to face Income Tax department’s scrutiny, says report

Nearly four lakh taxpayers will face scrutiny from the Income Tax department soon, reported Business Standard. The scrutiny, the report said, comes as part of the I-T department's new faceless assessment scheme.

Over one lakh taxpayers have already been served a notice, seeking explanation on the returns filed within 15 days, an official told BS. While the deadline of sending scrutiny letters ends on Monday, the report said some ten thousand letters were undelivered or bounced back.

The development comes after the tax department reportedly finalised computer-assisted scrutiny selection (CASS) cycle for the current fiscal and selected about 100 parameters to scrutinise returns, according to the report.

These parameters, as per the report, include ‘undisclosed foreign income and immovable properties, high-value transactions, misreporting of long-term capital gains, TDS claimed not matching with the tax forms, non-disclosure of investments made in the name of spouse, relatives, filing a defective return and tax evasion in earlier years’ among others.

Initially, the e-assessment may not be fully faceless, said the report, adding "the jurisdiction assessing officer would be knowing the profile of the assessee and can also view it at the time of serving notices".

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more