Income Tax Notice: Taxpayers should be careful, now on receiving income tax notice, they will have to reply within this many days
Income Tax Notice: Important news for taxpayers. Actually, let us tell you that the Income Tax Department sends notices to taxpayers for many reasons. In such a situation, you need to be very alert... Let us know in the news below why notices come from the Income Tax Department and what to do if you get a notice?
Breaking News, Digital Desk- Taxpayers should not panic on receiving a notice from the Income Tax Department. Often it comes due to some small mistakes.
In such a situation, let us know in the news below that for what reasons a notice comes from the Income Tax Department and what should be done after it comes?
Many taxpayers assume that their work is done after filing Income Tax Return (ITR), but we are telling such taxpayers that you may get a notice even after filing ITR.
After the ITR is verified, the Income Tax Department matches your information with the data received from Form 16, Form 26AS, AIS and TIS. If any difference is found in tax or taxable income, you may get an income tax notice.
Why does income tax notice come-
- If a taxpayer has not filed ITR, the Income Tax Department can issue a notice under section 142 and ask him to file the return.
- Under Section 139 (1), a notice is sent if the taxpayer's tax return is incomplete or contains incorrect information.
- If the Income Tax Department is dissatisfied with the information and documents provided by a taxpayer, it can send a notice under section 143 (2). Under this section, the Income Tax Department asks for some more detailed information.
- When an officer issues a demand under section 245 because they believe you owe tax, they want to deduct that amount from your current year's refund. However, any changes can be made only after giving you adequate notice and an opportunity to respond within 30 days.
- When a taxpayer owes money in the form of tax, interest, penalty or other debt, the Income Tax Department issues a notice under section 156. This is known as a demand notice.
- If a taxpayer has not filed ITR or has not responded to notice issued under section 142 or 143 (2), then Income Tax officers can send notice under section 144.
- If the Income Tax Officer feels that you have not filed the return, have not included some income in your previous income, or have concealed some income, they can send you a notice under section 147/148/149. This gives you an opportunity to re-assess or disclose your income.