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Business News/ News / India/  'This is the reason why many income tax notices are being sent in March...': Nirmala Sitharaman at Mint Summit
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'This is the reason why many income tax notices are being sent in March...': Nirmala Sitharaman at Mint Summit

Finance Minister Nirmala Sitharaman spoke on the second day of the Mint India Investment Summit & Awards 2024. During her address, Nirmala Sitharaman said that average growth in GDP will remain at 8% or above in FY 24.

Union Finance Minister Nirmala Sitharaman on Saturday at the Mint India Investment Summit & Awards 2024 said that very clear strategic interventions were made by the government which will now be carried to the layers of the gram panchayat.Premium
Union Finance Minister Nirmala Sitharaman on Saturday at the Mint India Investment Summit & Awards 2024 said that very clear strategic interventions were made by the government which will now be carried to the layers of the gram panchayat.

The number of Indians in the middle-income group will reach 70 crore by 2030, and increase further to 100 crore by 2047, said Union Finance Minister Nirmala Sitharaman on the second day of Mint India Investment Summit Awards 2024. 

While speaking at the summit, Finance Minister Nirmala Sitharaman explained why a lot of taxpayers are receiving notices from the Income Tax (IT) department and Central Board of Direct Taxes (CBDT) in March. 

Referring to a taxpayer's charter which bars opening cases related to tax payment after six years, Finance Minister Nirmala Sitharaman made it clear that many notices are being sent in March, because CBDT and IT have to follow the six-year limitation as the “tax authorities won't be able to open the six-year-old pending cases on 1st April, ie day after tomorrow." 

Also Read: Income Tax Department to send notice to taxpayers for ITR mismatch

“On the question of pending amounts and court cases, by introducing the faceless system, we have ensured that cases cannot be opened beyond six years unless the amount is substantial," Sitharaman said at Mint Summit on Saturday.

IT notices are not being sent for harassment: Finance Minister Sitharaman

Amid huge clamour around tax notices being received by individuals, start-ups and other companies over past few weeks, the Finance Minister clarified that the tax notices are not being sent for “harassment". 

“It is not a new method of harassment, it is the compliance for the board to follow the timeline to access for people for whom information is not readily available," noted Nirmala Sitharaman.

“Another dimension is, if you are manually keeping your account with the CBDT, they are now being digitised. This is why you have a flurry of notices going out in March," she added.

Finance Minister Sitharaman also applauded the increasing participation of the private sector in the new energy, solar, genomics, AI, green hydrogen sector, and semiconductors sectors. The Finance Minister expressed confidence that the average growth in Indian GDP will be 8% or above in FY24.

In her session, she also said that very clear strategic interventions were made by the government, which will “now be carried to the layers of the gram panchayat."

Watch Mint India Investment Summit Live 

"If oil prices go up, we have to consider strategic reserves, and how to avoid passing the extra price burden on citizens," she added. Talking about the insurance sector, Nirmala Sitharaman said, “On insurance, there are many matters worthy of discussion. The regulator is very active. I also look at how bank insurance is working." 

A month ago, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta had said that the income tax department will send notices to individuals who haven't filed income tax returns, even though tax has been deducted at source on their incomes.

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Published: 30 Mar 2024, 06:35 PM IST
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