The Income Tax Department is now keeping an eye on our expenses (cash and digital) more than before. Therefore, if you make even a small mistake while filing your income tax return, there is a possibility of getting notice from the department. If you get a notice from the department, there is no need to bother with it. The department gives you a set amount of time to defend yourself.
Tax and investment expert Jitendra Solanki says, ‘The Income Tax Department can send notices to both our digital and cash channels. As soon as the notice is received, first of all its reason should be understood properly. After getting the reason, login to the income tax portal, check the 26AS form there. Solanki says that once the reason is known, you taxpayers will have to defend themselves. Taxpayers can present their case on the home page of the Income Tax website.
In such a situation, the question arises that what should be done when a notice comes against the cash transaction. Talking on such a situation, the founder of RSM, Dr. Suresh Surana, says, ‘There are many limitations on transactions. If you violate any rules, in such a situation, the tax payers get information through SMS or e-mail. Dr. Suresh says that for such notices, tax payers can give their answers like this-
Step 1- Login to the income tax portal incometaxindiaefilling.gov.in .
Step 2- First click on e-campaign – High Value Transaction ‘then go to Compliance Portal and open the My Account tab.
Step 3: Taxpayers will have to select the financial year. All information will be found as soon as you click on the OK button.
Step 4- Taxpayers have to choose from these options as per the case.
• The information is correct.
• The information is not completely accurate.
• Information related to the end person or year.
• The information is duplicated.
• Information is not acceptable.
Step 5- Taxpayers have to clarify the source of the information. Like transaction amount or something else. After this, information like PAN card, relation to person will have to be given under Option C.
Step 6- The information given is available under the e-campaign tab.
