Suppose your salary is 1 lakh but suddenly 10 lakh rupees come in your account. This matter can come to the notice of the tax department. In such a situation you can get a notice. To avoid this, you should give all the information in ITR.
On hearing the name of the income tax notice, one gets scared. No one wants to get a tax notice, get stuck in unnecessary trouble. But sometimes it happens that even after filing the income tax return on time, the notice comes. If this happens, then know that there must have been a mistake. The name of 5 is important in such notices. One should know about them properly so that ways of escape can also be found.
When you file ITR, the tax department scrutinizes it thoroughly. If the tax department finds any problem in the ITR file, it informs the taxpayer in the form of a notice. This is called income tax notice. There can be 5 types of notices in it.
1- Notice for not filing ITR
Individuals whose income is more than Rs 2.5 lakh (excluding senior citizens) are required to file ITR. This filing should be done on time every year. Even if your company has deducted TDS, you still have to file ITR. Failure to do so may result in notice. The only way to avoid this is to plan for advance tax and file ITR within the stipulated period.
2-There should be any difference in TDS
There should be no difference between the TDS you have shown in the return and the TDS shown on the TRACES website. If there is any difference between these two then notice can be received. To avoid this, request your company to deduct TDS on time and deposit it in the government treasury on time. You should also reconcile TDS with Form 26AS.
3- Information about other sources of earning
Whatever income you are earning, it is necessary to mention it in the tax return. People forget the interest earned from savings account, fixed deposit or RD in the return. You may get a notice from this mistake. Many times it happens that your bank has deducted your TDS in lower tax slab but you come in higher tax slab. In such a situation, you can come in the eyes of income tax. For this, it is necessary to check the bank statement and get information about TDS deduction. Accordingly, fill the information in the return. Also tell about interest rates.
4- Be careful doing big transactions
Suppose your salary is 1 lakh but suddenly 10 lakh rupees come in your account. This matter can come to the notice of the tax department. In such a situation you can get a notice. To avoid this, you should give all the information in the ITR, if there is profit or loss in the stock market, stock, then you should also give that information. With this you can avoid notice.
There is any error in ITR
Never fill wrong ITR form. Fill the form which is suitable for you only. If you have selected the wrong form or filled the form incorrectly, then Income Tax can issue you a notice. The only way to avoid this is to keep all the necessary documents with you before filing ITR. You can also take help of any tax expert for this.