ITR Filing: If you have not yet filed tax this year, then get active. The last date for filing income tax return for the financial year 2021-22 (tax assessment year 2022-23) is near. You only have 9 days left.
Those who do not pay taxes on time can get notice from the Income Tax Department. although many people Income Tax They get nervous after notice. Suppose you have paid the tax and you get a notice, what will you do in such a situation. Let’s understand from the experts what should be done.
For what reasons does the notice come?
If you come under the purview of tax but do not pay tax, then a notice will come. If you have shown less income during your return filing, then notice may come. While filling the ITR return, you have done the calculation wrong, the form is not filled correctly, if you have shown more loss then notice can come. If you have not filled the basic details like name, address, PAN, date of birth etc., even then notice can come.
Fill the return correctly
Firstly, the tax return should be filed correctly and on time. After this, keep in mind that there is no difference between the income tax details filled in ITR and Form AS 26. Apart from this, deposits and withdrawals in the bank account should also be in one limit. If you invest in stock market or mutual fund then give information. If you give the right information, the chances of notice are almost eliminated.
What if you get a notice?
First read the notice correctly. Then know the reason for the notice. Then check that the time limit for replying to the notice is checked. It is necessary to respond within the time limit. Suppose the department has sent a notice due to some mistake, then end the matter by giving a quick reply.
Suppose you have asked for any information related to income or transactions in the notice, then provide this information to him. Failure to respond may result in payment of fine under the provisions of the Income Tax Act. To avoid notice, give correct information while filing income tax return. If any kind of liability arises, then pay it within the time limit.
Get advice from experts
If you do not understand the notice, help should be taken from an expert or CA (Chartered Accountant). It is good that you hire a qualified and reliable Chartered Accountant to respond to the notices of the Income Tax Department. It is also necessary to give an accurate answer to the notice. The last date for filing income tax returns is July 31. Don’t wait for the last moment.
