Income Tax Notice
Today I will tell you the five types of dangerous Notices that the Tax Department can send to a person, the income Income Tax Department can send to a person what can be reasons behind the notice, and how to avoid them.
Some information about the notice is here, –
A notice is served by the assessing officer u/s 142 (1) in two cases. Firstly, if the officer requires additional information and documents about your income tax returns. Secondly, if the return has not been filed but the officer wants the return to be filed. If you do not respond to the notice served under Section 142(1), you would face a penalty of INR 10,000, prosecution for up to 1 year, or both.
- So the first Income Tax Notice that can be sent to you is a notice for not filing ITR,
Keep in mind that if your earnings are more than 2.5 lakh, you must file ITR. This file should be on time every year, even if your company has taken the TDS card, even then you have to file ITR, in case of default, notice may come.
- The second Income Tax Notice that
you can get from the Tax Department when there is any difference in the TDS Notice may come.
- The Third Tax Notice can come
when you have not given any information about your earnings to the Income Tax Department.
- Which is the fourth type of Notice is that
you can get if there is a big transaction with your bank.
- Fifth Income Tax Notice may come
if there is any discrepancy in your ITR, selecting the wrong form or filling it incorrectly Tax Department to serve you the notice.
So I have given you information on how these five types of notice sets can be avoided.