Income tax notice: The process of filing income tax returns (ITR Filing) has started. The last date for filing ITR has been extended from 31 July (ITR filing last date) to 15 September. If you do not file ITR, then you can get a notice from the Income Tax Department, almost everyone knows this. But do you know that despite filing income tax returns, you can get an income tax notice? It may be due to a big transaction or some other reason. Now the question is what should be done in such a situation? First of all, you should not panic after seeing the income tax notice. If you get nervous, then you will make some other mistake in panic. You should read the notice with a calm mind.
First understand why the notice comes?
If you come under the purview of tax, but do not file ITR, then you can get a notice from the Income Tax Department. On the other hand, if you show less income, then also you can be sent a notice by the Income Tax Department. We have already told you that you can get a notice for 10 types of transactions.
Read the notice properly
When you receive a notice from the Income Tax Department, first read it carefully. Understand the reason for which you have received the notice and how serious it is. Sometimes the notice is sent for some minor reason, for which you can give a simple explanation.
See when you have to reply
Also see by when you have to reply to that notice, because if you delay replying, you may get into trouble. At the same time, it also tells you how much time you have for your preparation.
Give whatever has been asked for
Many times it happens that the Income Tax Department wants to do some kind of investigation, for which it has sent a notice. All you have to do is provide the information and documents that the Income Tax Department has asked for. The Income Tax Department will do its investigation and if you have not done anything wrong, you will not have any problem.
Do not hesitate to take expert advice
If you feel that the notice from the Income Tax Department is serious and you are unable to respond to it, then immediately seek expert advice. It would be better to hire a chartered accountant so that he can respond to the notice on your behalf. Many times there are many technical things in the notice, which require an expert to understand, so do not hesitate.
