If you’re supposed to pay Income Tax but haven’t filed your Income Tax Return (ITR) for several years, you might be facing some serious issues soon. The Income Tax Department has pinpointed individuals who should be paying taxes but haven’t reported their income for a long time.
Notices Under Section 148A
The Assessing Officer (AO) from the Income Tax Department is gearing up to take action against these individuals. They’re sending out notices under Section 148A of the Income Tax Act to those identified.
Financial Data Collection
The Income Tax Department has gathered financial transaction reports and import-export data based on AIS and TDS/TCS records.
Requesting an Extension
If you haven’t filed your ITR in years and want to steer clear of any trouble with the IT department, you can reach out, apologize for the delay, and request more time. In such cases, the IT department may allow you to file your tax return late.
Ignoring the Notice Could Lead to Trouble
If you choose to ignore the notice and continue not filing your tax return, the Income Tax Department may start legal proceedings against you.
In this situation, you could face imprisonment ranging from 3 months to 2 years, along with fines. If you owe a significant amount in taxes, the jail time could extend up to 7 years.