ITR Filing Deadline: Did you get income tax notice despite filing your return correctly? Do these 4 things immediately to avoid I-T Department penalty
ITR Filing: If you do not file ITR, then you will definitely get a notice from the Income Tax Department (I-T Department), but sometimes you may get a notice despite filing the income tax return (ITR Filing). The question is what should be done in such a situation?
Income Tax Season: The last date for filing income tax return (ITR Filing) is July 31, 2024. The finance ministry hasn't extended the date for it. If you fall in the income tax bracket and do not file ITR, you can get a notice from the Income Tax Department (I-T Department), but sometimes you may get a notice despite filing your income tax return. The question is what should you do in such a situation? Learn these 4 things that you can do when you receive a notice from the I-T Department.
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Understand reason why you have received notice
First of all, if you fall under the tax bracket but do not file ITR, you may get a notice from the Income Tax Department.
Understand reason why you have received notice
If you show less income in your ITR, you may also be sent a notice. On the other hand, if you make a mistake in calculation while filing ITR, you may also get a notice.
Find what went wrong in ITR
To avoid the notice of the I-T Department, you should fill the ITR in the correct manner. Make sure that income details filled in ITR and Form S26 are the same.
Find what went wrong in ITR
Keep deposits and withdrawals in the bank account within the prescribed limit. Also, give information about buying and selling mutual funds and stocks in ITR. If you understand the mistake in ITR properly, it will be easy to respond to the notice.
Read notice carefully
When you receive a notice from the I-T Department, read it carefully. Understand the reason for which you have received it and what are discrepancies pointed out in it.
Read notice carefully
Also, check by when you have to respond to that notice. Because, if you delay responding, you may get into trouble. Sometimes, the notice is sent for some minor reason, for which you can give a simple explanation.
Many times it happens that the I-T Department wants to do some kind of investigation for which it sends a notice. All you have to do is to provide the information and documents that it has asked for. The I-T Department will do its own investigation and if you have not done anything wrong, you will not face any problem.
Do not hesitate to seek expert advice
If you feel that the I-T Department is serious and you are unable to respond to it as you don't how to do it, then immediately seek expert advice. It would be better to consult a chartered accountant so that they can respond to the notice on your behalf.
Do not hesitate to seek expert advice
Many times, there are many technical things in the notice, which require expert-level understanding, in such a situation, one should not hesitate to approach an expert.