Income Tax Notice

Income–tax return (ITR) is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form.

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Income Tax Notice

An encounter with the Income Tax Department is usually fraught with stress to say the least. But hearing from the IT department need not always be a bad thing. Following are the circumstances of receiving notices from Income Tax Department
a. TDS Amount Error
b. Discrepancy in Return Filed by you
c. Documentation

d. Tax Returns Not Filed
e. High Value Transactions
f. Non-disclosure of assets for wealth tax
g. Random Scrutiny

Frequently Asked Questions

1. What is tax notice?

A tax notice is issued by the income tax department when the Assessing Officer finds any default in the Original/Revised Income Tax Return. A tax payer can get notice from Income Tax Department for many reasons under various sections.

2. Do every tax notice makes a demand for some additional tax liability or fines or penal charges?

No, every tax notice does not demand for additional tax. Notices are issued under different sections and every section has some different demand.

3. Is responding to tax notice necessary in every case?

Yes, responding to tax notice is necessary in every case otherwise you have to face the consequences as stated afterwards.

4. What are the Consequences for not responding to this communication?

If no action taken by you within 30 days of receipt of the notice u/s 245, the outstanding demand as on that date will be considered for adjustment against your refund.

5. What are the consequences for non-payment of tax demand?

Non-payment of tax demand attracts penalty and prosecution under various provisions of the Income Tax Act, 1961 and interest @ 1% p.m. or part of the month on the amount of default.

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