NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Received notice from Income-tax department? These could be the reasons
    Business

    Received notice from Income-tax department? These could be the reasons

    Received notice from Income-tax department? These could be the reasons
    Written by Sagar
    Aug 30, 2019, 02:51 pm 3 min read
    Received notice from Income-tax department? These could be the reasons

    Whether favorable or not, you should never ignore a notice from the Income Tax department. I-T department usually sends notices in case of late ITR filing, discrepancies in ITR forms, and so on. Here are six common reasons the I-T department might send you a notice, and what you can do about them.

    Not filing or late filing of Income tax return

    In case you fail to file your ITR by the stipulated due date, the Income Tax department might send you a reminder notice in this regard. Not filing your ITR on time could invite a late fee upto Rs. 10,000, interest @ 1% PM, and even prosecution, among other consequences. Note: August 31, 2019 is the last date to file ITR for FY 2018-19.

    If there's a mismatch or discrepancy in your return

    You may end up receiving a notice from the I-T department, in case there's a mismatch or discrepancy in the return filed by you. You may forget to declare some part of your income, or might claim a deduction under the wrong section, or choose the wrong form to file ITR. In such situations, review the notice and your return, and make necessary corrections.

    For not reporting certain high-value transactions

    The Income Tax department might issue a notice in case you do not report certain high-value transactions. These transactions include credit card payments of Rs. 2 lakh or more, cash deposits into bank worth Rs. 10 lakh or more, and investment in debentures/bonds worth Rs. 5 lakh or more. Hence, always make sure that you furnish your PAN details while entering into such transactions.

    In case of error in TDS amount

    There is often a mismatch in the amounts of Tax Deducted At Source (TDS) shown by you, and the actual TDS deducted during a particular financial year. It could happen in case your employer forgot to file their TDS return, but the same is shown in your ITR. So, make sure the TDS amount in Form 26AS matches with the amount in your ITR.

    If you buy investment in the name of family members

    Many taxpayers tend to purchase assets in the names of their spouses, children, parents, and siblings, and other family members, in order to evade taxes. But, any income ascertaining to these sources is bound to attract taxes that must be paid by you. And if you fail to do so, the I-T department may issue you a notice over the matter.

    Case #6) The I-T department may randomly scrutinize your ITR

    The Income Tax department has started scrutinizing returns randomly, in order to ensure greater tax compliance among citizens. If you receive a notice, especially under Section 143(2), in this regard, do check its validity, and respond to it within the allotted time period.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Income Tax Department of India
    Finance

    Latest

    Top features of Audi Activesphere: From AR to transforming design Audi
    5 must-visit places in Kolkata for those 'zamindari' vibes Kolkata
    Here's why you should include shilajit in your diet Health & Wellness
    5 foods that can make your memory problems worse Food

    Income Tax Department of India

    How much gold can Indians legally store at home? Central Government
    IT sleuths seized our phones, cloned data, claim Oxfam, IPSMF Ministry Of Home Affairs
    Delhi: Tax raids at think tank Centre for Policy Research Delhi
    ICAI CA Foundation June 2022 results out: How to check? Exams

    Finance

    Adani Enterprises files papers for India's largest FPO: Key facts Adani Group
    Gross NPAs of Indian banks fall to 7-year low: RBI Reserve Bank Of India (RBI)
    IIT Madras launches dual degree programme on Quantitative Finance Education
    Electoral bond sales begin in India: How to buy them? State Bank of India (SBI)

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023