Income tax notice: The Income Tax Department keeps the news of every person who pays income tax. It is mandatory for every person who pays tax (Income Tax Payer) to fill ITR (Income Tax Return).
In such a situation, many rules have been made by the department regarding filling of ITR. If you violate these rules or make some mistakes in filling ITR, then a notice is issued by the Income Tax Department. One such notice is Letter of Intimation, which is sent under section 143(1) of Income tax notice. Let us know when and why this notice comes.
What is letter of intimation?
Letter of Intimation is a kind of notice which tells whether the tax paid by you is correct or not. While filing income tax return, if you have made any mistake in filling the interest information, or if any other minor mistake has been made, then you may get such a notice. This notice tells that whatever mistakes you have made while filing income tax return, correct them.
When can income tax notice come?
- If you have paid less tax than your liability while filing income tax return.
- While filing income tax return, if you have paid more tax than your liability, or if you have paid the correct tax.
- Experts believe that such notice often comes to every tax payer. If you do not receive such a notice, you can assume that your return has not been processed.
Reply to the notice soon
This type of notice is sent on the mail by the Income Tax Department. The tax notice under 143(1) is called Notice of Demand. That is, if you have any outstanding tax liability, then you should pay it within 20 days from the date of receipt of this message. If you delay in this, then after 30 days have passed, you will have to pay monthly interest at the rate of one percent.
