Taxpayers should not panic on receiving a notice from the Income Tax Department. Often it comes due to some minor mistakes. In such a situation, let us know in the news below, for what reasons does a notice come from the Income Tax Department, and what should be done after it comes?
Many taxpayers assume that their work is done after filing the Income Tax Return i.e. ITR, but we are telling such taxpayers that you can get a notice even after filing the ITR. After ITR is verified, the Income Tax Department matches your information with the data received from Form 16, Form 26AS, AIS, and TIS. If any difference is found in tax or taxable income, then you may get an income tax notice.
Why does income tax notice come-
- If a taxpayer has not filed an ITR, then the Income Tax Department can ask to file the return by giving a notice under section 142.
- If the taxpayer's tax return is incomplete or contains incorrect information, a notice is sent as per section 139 (1).
- If the Income Tax Department is dissatisfied with the information and documents provided by a taxpayer, it can send a notice under section 143 (2). Under this section, the Income Tax Department asks for some more detailed information.
- When an officer issues a demand under section 245 because they believe that you owe tax, they want to deduct that amount from your current year's refund. However, any change can be made only after giving you adequate notice and an opportunity to respond within 30 days.
- When a taxpayer owes money in the form of tax, interest, penalty, or other debt, the Income Tax Department issues a notice under section 156. This is known as a demand notice.
- If a taxpayer has not filed an ITR or has not responded to a notice issued under 142 or 143 (2), the Income Tax Officer can send a notice under section 144.
- If the Income Tax Officer feels that you have not filed the return, some income was not included in your previous income, or some income has been concealed, then they can send you a notice under section 147/148/149. This allows you to reassess or disclose your income.
Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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