The Income Tax Department has issued notices to salaried and senior citizens seeking clarifications on the exemptions taken by taxpayers for tax deductions. This comes barely a week after the deadline for filing returns for senior citizens. The I-T department has asked for clarifications from these taxpayers within a week.
Over 1 lakh salaried taxpayers from Ahmedabad and 3 lakh taxpayers from Gujarat have received notices–to disclose the claim of tax deduction for EPF interest, housing loan interest, house rent deduction, education fee, investment in mutual fund or FD and submit the necessary document. The taxpayers receiving such notice have to furnish the evidence as requested by the Income-tax within the period prescribed by the Income-tax.
If the taxpayers do not submit the document within 10 days, the claim of deduction will be rejected and the tax demand will be raised. If the taxpayer fails to provide the necessary documents required by the Income Tax department then he will have to pay tax at the rate of 30 percent.
Also read: https://www.vibesofindia.com/gujarat-income-tax-raids-25-locations-of-ceramic-brand-qutone/
