Significant jump in Income Tax scrutiny notices, especially in case of foreign assets

The income tax (I-T) department has served scrutiny notices to many taxpayers for income-tax return (ITR) filed for the financial year (FY) 2017-18.

However, according to chartered accountants and audit firms, most people who had declared foreign assets and income in their ITR were on the forefront of receiving scrutiny notices.

I-T department can pick up returns for scrutiny up to six months from the end of the financial year in which the return was filed. For instance, if the tax return for FY17-18 was submitted on or before July 31, 2018, scrutiny notice can be issued till September 30, 2019.

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