The Income-Tax Department has selected 68,000 cases of “high-value” transactions that were allegedly not reported correctly in the tax returns for FY20 for e-verification, Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said on Monday.
These are individual and corporate transactions and are being flagged due to mismatches in their Annual Information Statement (AIS) and the I-T returns filed during the period.
“These 68,000 cases were picked up based on risk parameters set internally by the department. Of those, about 56 per cent have been concluded and the taxpayers have filed updated returns,” the CBDT chief said. In the remaining cases, there has been no response.
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