Advance Tax Notices: IT Department Says Rectifying The Error
The Income Tax department is probing the error in sending advance tax notices to big taxpayers. In a recent post on 'X' also known as Tweeter, the Income Tax Department said that it had identified certain inconsistencies in the data of securities market tax provided by one of the reporting entities, which has been asked to submit revised statements and data based on updated information.
It is learned that the value of assets sent to the IT department by the stock market-related entities was shown higher by several thousands of crores since the reporting entity had added few zeros that amplified the advance tax liability.
The IT department told the taxpayers to whom the notices went, to be patient as the error would be ratified.
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