Income Tax Notice: If notice has come even after filing ITR, then do these 3 things immediately
Income Tax Notice – A big news is coming for taxpayers. If you have filed ITR and still have received income tax notice, then there is no need to worry. There are many reasons why you may be sent a tax notice. Read the news in detail below……
For what reasons can a tax notice come?
First, you should know why you may be sent a tax notice. Either you have not reported your income correctly, have taken deductions and claims but have not provided correct proof, have not reported high-value transactions, or there is an error in your ITR, there is any tax outstanding, or you have There could be many reasons for the notice not being filed.
Will some tax also have to be paid?
After the notice, you will also have to think whether there is a provision for penalty? If it is a case of unpaid tax then you will have to pay the tax, it is possible that interest has accrued on the unpaid tax and you will have to pay the tax along with interest.
What to do when tax notice comes?
If you get an income tax notice, before panicking, divide your work into 3 parts.
understand the notice
First of all you have to understand why the notice has come. Since a notice can come for a variety of reasons, you’ll need to take the next step depending on what your case is. When a notice comes, it does not just mean that you have done something wrong, it could also be a routine communication.
What To Do Next?
When you understand the reason for which you have received the notice, then you can decide the next step. You will be given time to respond to the notice. If there is something wrong with the ITR, then first you need to check whether you have the option to file a revised ITR for that assessment year or not. If the filing has been closed, then you will have to first file an appeal with the Income Tax Appellate Tribunal and then when you get a chance, you will have to fill the revised ITR.
Get help from a tax professional
Don’t hesitate to seek the help of a tax professional to understand the income tax notice and take steps in the right direction. It would be better if you respond to the tax notice only under the guidance of a tax professional. Sometimes we do not understand some calculations, or we do not know what the right step would be, in such a situation, taking help helps you to avoid making any mistake again.
