Residents receive huge bills due to an error in the accounting system.
India's tax system faced an unusual problem: due to a technical error in the automated accounting system, two extra zeros were mistakenly added to the amounts of tax transactions. The error led to the fact that tax notices sent to citizens showed inflated taxes – 100 rupees (about $1.2) turned into 10,000 rupees (about $120).
The situation has caused considerable concern among taxpayers, especially considering that in India, individuals whose income exceeds Rs 10,000 are required to pay taxes in advance until March 15, 2024. Penalty interest rates are provided for late payment.
The Income Tax Department of India quickly responded to the problem by contacting taxpayers via X. In its report, the authority explained that after receiving feedback from taxpayers on pre-taxation, the Department found inconsistencies in the securities market Data (SFT-17) provided by one of the reporting organizations. This company was asked to provide corrected information.
Tax Service post
The tax service did not disclose the name of the organization, but it is known that incorrect data affected those who sold shares or real estate. In order to inform the public about discrepancies in tax returns, the tax agency has launched a special online campaign.
India's tax system faced an unusual problem: due to a technical error in the automated accounting system, two extra zeros were mistakenly added to the amounts of tax transactions. The error led to the fact that tax notices sent to citizens showed inflated taxes – 100 rupees (about $1.2) turned into 10,000 rupees (about $120).
The situation has caused considerable concern among taxpayers, especially considering that in India, individuals whose income exceeds Rs 10,000 are required to pay taxes in advance until March 15, 2024. Penalty interest rates are provided for late payment.
The Income Tax Department of India quickly responded to the problem by contacting taxpayers via X. In its report, the authority explained that after receiving feedback from taxpayers on pre-taxation, the Department found inconsistencies in the securities market Data (SFT-17) provided by one of the reporting organizations. This company was asked to provide corrected information.
Tax Service post
The tax service did not disclose the name of the organization, but it is known that incorrect data affected those who sold shares or real estate. In order to inform the public about discrepancies in tax returns, the tax agency has launched a special online campaign.
