Income Tax Notice: If you ignore these rules made by the department or make any mistake in filling ITR, then a notice can be issued to you by the tax department.
New Delhi. The Income Tax Department keeps an eye on the financial activities of the people in the country. It keeps the financial information of every person who pays tax. Let us tell you that it is mandatory for every person paying tax to fill ITR. In such a situation, many rules have been made by the Income Tax Department regarding ITR. If you ignore these rules made by the department or make any mistake in filling the ITR, then a notice can be issued to you by the tax department.
In such a situation, if you are also going to file income tax return, then let us know which mistakes you should not make even by mistake and in which situations notice can be issued to you by the department.
If the given information does not match correctly
Let us tell you that if your total income and the income information given by you in ITR do not match, then a notice can be sent to you from the Income Tax Department. In such a situation, you should give correct information about total income, assets and other things in ITR.
In case of difference between income and transactions
At the same time, if your income increases or decreases due to any reason, then the tax department can ask for information from you. For this reason, whenever you are doing any high value transaction or investing more money in any property, then definitely give this information in ITR.
Late filing of tax return
If anyone does not file income tax return on time, then a notice can be sent to him under Section 142(1)(i) of the IT Act and he can also be fined.
For not giving correct income tax information
Let us tell you that tax returns are assessed by the Income Tax Department. In such a situation, if correct information about income tax has not been given, then a notice can be sent to the taxpayer under section 147.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
