ITR Refund: The time to file income tax return is now over. The government had fixed July 31 as the deadline for filing income tax returns. In such a situation, now the return is being scrutinized by the Income Tax Department and the refund of the taxpayers whose TDS has been deducted, is being given by the department.
Many taxpayers would have got the refund, but there would be such taxpayers who would have got a notice from the Income Tax Department instead of the refund. This happens when the calculation of income and tax is done wrong.
Department is investigating through AI
This time the Income Tax Department is scrutinizing the returns through a software based on Artificial Intelligence. On the basis of this notice is being given to the taxpayer. If multiple claims are made simultaneously under different sections of the Income Tax Act, a notice can be obtained. In this case, the taxpayer has to verify and revise the ITR.
Why do I get notice from Income Tax?
Tax exemption can be availed on various expenses under Section 80G of the Income Tax Act. Small businessmen or taxpayers claiming exemption under this section are getting more notice. Charitable funds, charitable funds, relief funds come under this purview.
In such a situation, be it salary class or business class, if the calculation of tax and income is wrong, then a notice can be received from the Income Tax Department. If found guilty, a fine of up to 200 percent can be imposed as an action.
What to do when you get a notice
If you have also received a notice from the Income Tax Department, then first of all collect the documents shown in the investment. On the basis of these documents, revise the ITR filing within 15 days from the date of receipt of the notice.
If there are salaried employees, that should match the deduction shown in Form 16. Reconcile all the deductions given in your ITR in Form 26AS. The amount of TDS should be same in Form 16 and Form 26AS. If you see any discrepancy in the form, ask your company to rectify it.
