ITR REFUND and INCOME TAX NOTICE ALERT ! ITR PROCESSING LATEST UPDATE

ITR REFUND and INCOME TAX NOTICE ALERT ! ITR PROCESSING LATEST UPDATE

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In this video, CA Satbir Singh provides a critical update regarding ITR processing and Income Tax notices issued in February 2025.

ITR Processing Status: Out of 8.5 crore returns filed, nearly 8.45 crore have been processed. Only about 3.23% are pending processing, and 1.8% are pending verification.

Income Tax Alerts: The Income Tax Department has issued notices to high-net-worth individuals and senior executives (earning over ₹50 Lakhs) for under-reporting or misreporting income, specifically regarding foreign assets and ESOPs (Employee Stock Option Plans).

Penalties: Failure to disclose foreign bank accounts, properties, or investments can lead to a 200% penalty on the tax amount or actions under the Black Money Act.

Action Required: Taxpayers are advised to re-check their ITRs with professionals and file Updated Returns (ITR-U) if any foreign assets or crypto holdings were missed, as the department is receiving extensive data from foreign tax authorities.

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Видео ITR REFUND and INCOME TAX NOTICE ALERT ! ITR PROCESSING LATEST UPDATE канала CA SATBIR SINGH