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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

    Sagar Malik
    Written by
    Sagar Malik
    Twitter
    Last updated on Aug 30, 2019, 02:51 pm
    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.

  • In this article
    Not filing or late filing of Income tax return If there's a mismatch or discrepancy in your return For not reporting certain high-value transactions In case of error in TDS amount If you buy investment in the name of family members Case #6) The I-T department may randomly scrutinize your ITR
  • Case 1

    Not filing or late filing of Income tax return

    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.

  • Case 2

    If there's a mismatch or discrepancy in your return

    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.

  • Case 3

    For not reporting certain high-value transactions

    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.

  • Case 4

    In case of error in TDS amount

    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.

  • Case 5

    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.

  • Information

    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.

  • Income Tax Department
  • ITR Deadline
  • Form 26AS
  • Income Tax Department of India
  •  
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