Income Tax Returns: The date for filing income tax returns is now coming closer. In such a situation, taxpayers are adopting tax saving methods. While filling ITR, taxpayers have to give every information. If they make any kind of mistake, then the Income Tax Department can send them a notice.
Income Tax Notice: The current financial year is about to end and with this the date of filing Income Tax Return (ITR) is also coming closer. Taxpayers have a big contribution in accelerating the country’s economy. Taxpayers adopt many methods to save income tax. The government also runs many schemes for tax deduction.
Taxpayers have to give information about all their investments while filing returns. But if a taxpayer gives wrong information, then it can create problems for him. Usually people make some such mistakes, which create problems for them.
If a taxpayer gives wrong information in the Income Tax Return form, then the Income Tax Department can send him a notice under different acts. There are two types of scrutiny process of ITR – manual and compulsory. Mistakes can be avoided by keeping some things in mind.
Not filing ITR
The Income Tax Department sometimes sends notices to taxpayers for not filing ITR. If you fall in the tax slab, then filing ITR is mandatory. Suppose you are an Indian citizen, but you own foreign property. In this situation also you will have to file ITR. Otherwise the Income Tax Department can send you a notice.
Mistake in TDS
While filing ITR, you should fill TDS carefully. If there is a difference between the TDS filled and where it is deposited, then you may get a notice from the Income Tax Department. Therefore, before filing ITR, find out how much TDS has been deducted from you.
Undeclared income
You have to tell in ITR how much you earn in a financial year. Along with this, information about investments also has to be given. In such a situation, if you hide the income from investments, then you may get a notice. To avoid the notice, ask for a statement of interest from your bank and put it in ITR. Apart from this, definitely give information about income received from any other source.
High value transaction
If you make a high value transaction, which is usually different from your normal transaction, then also a notice from the Income Tax Department can come. Suppose your annual income is six lakh rupees. But 15 lakh rupees were deposited in your account in a year. In such a case, the Income Tax Department can investigate it, and your source can be asked.
Mistake in ITR Return
Many times people make mistakes while filing income tax returns. People forget to fill the necessary details. If this happens, the Income Tax Department can send a notice. Therefore, you should get your ITR filled by a professional only.
