Income Tax Notice: – If a person’s annual income is above Rs 2.5 lakh according to the old slab or above Rs 3.5 lakh according to the new tax slab, then it is mandatory to file Income Tax Return. Every year a large number of people fill ITR.
If the ITR is filled correctly, then exemption is also given to the citizens. The tax paid by the citizens is used for the development works of the country. Taxpayers have a huge contribution in taking forward the country’s economy. Taxpayers try different methods to avoid income tax, but they cannot escape from the eyes of the government.
Taxpayers will not be able to escape from the eyes of the government
Taxpayers try many ways to avoid paying tax, but they cannot escape from the eyes of the tax department and the income tax department itself sends notices to such people. Every person’s transaction data is available with the banks. While filing ITR, taxpayers have to give various types of information related to investment, but some citizens do not give correct information, who have to face a lot of problems later. Scrutiny of ITR is done through both compulsory and manual methods. It is mandatory for every citizen coming in the Income Tax Slab to fill ITR.
Be careful while filing TDS
Apart from this, even if you are a citizen of India and your property is abroad, you will have to fill ITR compulsorily. If you do not submit ITR, then the Income Tax Department sends tax notice to your home itself. Apart from this, many times citizens make mistakes even while filling TDS, due to which there is a difference between old TDS and new TDS, due to which the department sends notice to your home. Therefore, whenever you fill TDS, fill it and submit it only after reading all the information properly. Before filling ITR, keep in mind how much your TDS has been deducted.
ITR related questions will arise in various cases
While filing ITR, you have to give information about annual income as well as investment. If you earn from investment and you do not disclose this, then income tax people will send notice directly to your home. To avoid this, Andhra Bank can get the statement of interest rate and put it in ITR. On the other hand, if your income is 5 lakh rupees and 12 lakh rupees are being deposited in your account in 1 year, then the Income Tax Department can also investigate it.