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May 08, 2024
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If you get a notice, make sure to file your I-T return or face scrutiny
If a taxpayer does not file an Income-tax (I-T) return in response to a notice under section 142(1), the case will be picked up for scrutiny. This notice, seeking information, is issued when a taxpayer has not filed the tax return or is issued to seek additional preliminary information regarding a particular detail – say bank interest or long-term capital gains/loss on sale of a property.
This guidance is part of a comprehensive set of guidelines issued recently by the Central Board of Direct Taxes (CBDT) for compulsory selection of Income-tax (I-T) returns for the purpose of complete scrutiny.
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