Income Tax Notice: If you want to avoid facing the notice of Income Tax Department, then you must keep these things in mind.
Income Tax Notice :
The Income Tax Department sends notices to the taxpayers under several sections. Most of the taxpayers get very upset whenever they get a notice from the Income Tax Department. However, if he takes care of some small things, then he will not have to bother with the notice of the Income Tax Department. Let us know what are the important things to keep in mind while filing returns.
1. Delay in filing Return
If you do not file income tax return on time, you may face a reminder notice by the Income Tax Department. In such a situation, you should file income tax return within the prescribed deadline. For violating the time limit, you may have to pay your penalty up to Rs 10,000 thousand.
2. Incorrect reporting of mutual funds and equities
You will also face a notice from the Income Tax Department if you report incorrect information on your equity mutual funds orlistat equity. Information about LTCG should be given carefully.
3. TDS claim not matching with Form 26AA
The Income Tax Department may send you a notice under section 43(1) of the TDS claim form 26AA if it does not match. Therefore, while filing income tax return, check the details of TDS claim properly.
4. Arrears of Tax
The Income Tax Department can send you a notice under section 245 regarding the outstanding tax. In fact, if you claim refund on tax, then you should have the correct assessment of the tax filed so far. If your tax is due, then you will have to face the notice issued by the Income Tax Department.
5. Excessive Transactions
Even if you do transactions of high value in a financial year and do not file returns on time, you may still face notices from the Income Tax Department.
6. Non-filing of return in correct form
You can get a notice from the Income Tax Department for filing wrong return under section 139(9). Therefore, you must be careful while filing the income tax return whether you are filing the return in the correct form or not.
7. Withholding of spouse’s investment information
If you do not give information about your spouse’s investments while filing income tax return, then you may have to face the notice of Income Tax Department for this also. While filing the return, you must also give the correct information about the investment of your life partner and if there is a test on it, then definitely fill it too.
8. Giving correct information about the source of income
While filing income tax return, you must also make sure that you give correct information about your income source. If you do not give correct information with your income while filing the return and this mistake is caught in the investigation of the Income Tax Department, then you can also be in jail for hiding the income.