Income Tax Notice: Sharad Kohli told that there are 5 important reasons due to which income tax payers often get notices. The first reason is mismatch. If there is a mismatch between your 26AS and what you have filled, then you will definitely get a notice. If there is a mismatch in any of your information, then you will get a notice.
Income Tax Notice: Tax Guru is here to solve all the problems related to tax. Here we tell you more than one way to save tax by staying within the rules. Tax expert Sharad Kohli is accompanying CNBC-Awaaz’s Laxman Roy to tell these methods. When you are filing returns, sometimes there is some mistake in it. Due to which you get a tax notice. Many times it seems that you have to pay a lot of tax, so you try to save tax without understanding it properly, then you get a tax notice.
Here we are telling you in which situations a notice can come and how to avoid them. Talking about this, Sharad Kohli told that there are 5 important reasons due to which income tax payers often get notices. The first reason is mismatch. If there is a mismatch between your 26 AS and what you have filled, then you will definitely get a notice. If there is a mismatch in any of your information, then you will get a notice. The second reason is that if you have done a high value transaction but this high value transaction does not match with your income profile, then also you get a notice. Thirdly, you can get a notice even if you give wrong and incomplete information.
Talking about the fourth reason for getting a notice, Sharad Kohli said that if you have made any useless or unsupportable claim, then also you can get a notice. For example, if you submit a house rent receipt and that receipt is fake or your house rent claim is not correct, then also you can get a notice. Apart from this, you can also get a notice for hiding foreign assets.
Sharad Kohli said that to avoid getting a notice, first of all check 26 AS. Do not file returns without checking the 26 AS. If there is any information in 26 AS with which you do not agree, then you can disagree. You can correct it and send it. Enter only correct and complete information while filing the return. It is important to calculate the correct claim to avoid notice. Keep in mind that Indian residents who file tax returns are required to provide information about foreign assets.
