CBDT has issued compulsory scrutiny guidelines for FY 2026-27 under F.No.225/56/2026/ITA-II dated 4 June 2026. Know the 6 parameters – survey under Section 133A, search and seizure, Section 148 reassessment, cancelled registrations, recurring additions, and specific tax evasion intelligence — and what to do if your return is selected. Last date for Section 143(2) notice is 30 June 2026.
The Income Tax Department has flagged 25,000 taxpayers for possible non-disclosure of foreign assets and income for AY 2025–26. Based on CRS and FATCA data, mismatches were found in Schedule FA and FSI. Taxpayers must file a revised return by 31 December 2025 to avoid heavy penalties under the Black Money Act.
Understanding Income Tax Assessment in India
Filing an income tax return is just the first step in staying compliant. Income Tax Assessment is the process through which the department verifies the accuracy of reported income, deductions, and taxes paid. Depending on the case, assessments can be summary, scrutiny, or best judgment, each serving to ensure transparency and correctness. Understanding this process helps taxpayers respond efficiently to notices, claim legitimate deductions, and avoid penalties.
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