Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
The deadline to file updated income tax return (ITR-U) is March 31, 2024 for FY 2020-21 . In light of this deadline, the tax department is sending intimation to taxpayers urging them to check the AIS/Compliance portal regarding identified specified/high value transactions. If an individual is not being able to explain these transactions or give a satisfactory response, income tax notice will be sent.
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