Income tax notice received?
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End-to-End management of Income tax notices
Professional advice for all income tax notices
Received a notice?
Do you’ve any questions? Simply fill this form and our tax professionals will help you
End-to-end management of income tax notices
Receiving a notice from the Income tax department can be very upsetting, especially if it’s yours first time and you don’t have access to effective and reliable Income tax professionals to assist you. WazirTax offers a comprehensive solution for handling income tax notices in which we take care of the entire process that needs to be followed after receiving an income tax notice. We pledge to provide you with complete assistance at every turn, from understanding the situation and identifying the root cause to replying to the department, making the required adjustments, and fixing the issue.
What should you do if you receive a tax notice?
The following actions should be taken when you get a notice under any of the aforementioned sections:
- To determine the reason for sending the notice, carefully read it.
- Verify the notice’s essential information to be sure it is for you. To prove that it was sent to you, the notice needs to include your exact name, PAN Card number, mobile number, email address, etc.
- Find out if there is a discrepancy in your income tax return that led to the notification being delivered.
- In order to avoid fines and legal action, you must respond to the notice within the allotted time frame.
- Get professional assistance.
What are the primary reasons for notice?
The following are the most typical reasons why you could get an income tax notice:
- Inconsistency in the stated amount of TDS
- a mistake in your tax return
- not submitting all required paperwork
- failure to file your tax returns
- When you make investments in your spouse’s name but fail to disclose this on your income tax returns
- If significant transactions of high value were made throughout the fiscal year but weren’t properly disclosed in the income tax return
- If the assessing officer examines your income tax return at random,
- the improper reporting of long-term capital gains from equities investments
- If the person fails to disclose any income
- Using the incorrect income tax return form to file the income tax return
- If your refunds can be used to offset the tax due
- If you have intentionally avoided paying taxes in the past,
Section 142(1)
Return not submitted by the deadline for the assessment period
Section 143(1)
Successful processing of the return; error in deduction and loss amounts alleged, etc.
Section 143(2)
Notice to certify that the tax return submitted is valid and that no additional deductions have been claimed
Section 143(3)
Detailed assessment notice to guarantee that all claims, deductions, etc. are submitted accurately and without any mistakes
Section 147
When the assessing officer believes that any income has increased, a notice is not been evaluated
Section 139(9)
In the event of inaccurate returns such as incorrectly filed taxes, missing information, etc.
Income Tax Notice FAQs
What does the notice code EXC 001 on a tax return mean?
EXC -001 indicates that you have engaged in activity that is not permitted by the Income Tax Act. For cash transactions that total more than INR 10 lakh per month.
Does the income tax department send notices to those who are employed?
Yes, a salaried individual receives income tax notices as well. Every taxpayer receives a notice pursuant to Section 143(1) from ITD, but you may also receive other income tax notices if IT has reason to suspect that you have disguised income or for any other reason.
Where can I get my tax notice?
You can check the notices you’ve received through the income tax portal, but keep in mind that not all notices can be checked there; instead, you should go to the ITD in person and ask your question there if you have any questions about notices in general. If ITD has issued any notices, they will be mailed to your registered address.
Do I receive an income tax notice for transactions on my current account?
Yes, if there is a good reason, the income tax authorities may also send notices regarding current account transactions.
What does the Income Tax Act of 1961’s Section 143(1)(a) communication of proposed adjustment entail?
According to Section 143(1)(a) of the Income Tax Act of 1961, the department may advise you that they are seeking to make an adjustment to the refund you claimed on your income tax return. This modification could be made in response to any unmet demand from earlier evaluation years.
How can I fix the error that was reported under section 143(1)?
If a demand is legitimate, pay it. If a refund is worth INR 100 or more, IT will pay you without a doubt. The Income Tax Department issued a discrepancy in notice pursuant to Section 143(1).
If a mistake is obvious from the record, you can file a rectification under Section 154(1) to fix it. To do this, click on “e-file” and select “Rectification” from the drop-down menu.
How long should I expect to get any form of review or assessment notice from the Income Tax Department after I file my tax returns?
Only six months after the fiscal year in which the return was filed by you may a notice under Section 143(2) for a scrutiny assessment be issued.
How do I respond to a tax notice?
You should comprehend the purpose of receiving an income tax notification if you receive one. There are several reasons why notices could be sent. For instance, notices may be sent regarding the information and documents the Income Tax Department needs. In this situation, you must submit the necessary information. Notices may be sent to correct errors in the ITR if there are any. To avoid any fines in this situation, you should then correct any errors in your return and respond to the notice within the time frame set by the income tax department.
What occurs if you ignore a tax notice?
Depending on the sort of Notice you would be receiving, there may be various repercussions if you don’t react to the income tax notice. These penalties can include imprisonment for up to a year as well as fines of up to 10,000 Indian rupees.
What is an income tax notification letter?
The income tax department issues an intimation letter or notice pursuant to section 143(1) following the successful processing of your return. It includes the information you provided when filing your ITR as well as a comparable column that displays the information according to the data held by the tax department.
How should I respond to notice?
An income tax notice has an online response option. You can access the income tax department’s internet website to file returns electronically. React to the message you have received by logging into your online account.
How do I make a demand tax payment?
Online tax payments are available on demand. You can log into your account on the income tax department’s e-filing website to do this. Then, under Response to Outstanding Tax Demand in the e-File menu, you may view the amount of the outstanding tax demand. Select Click Here from the Pay Tax column after that. You will be sent to the NSDL website, where you may complete the online form and make an immediate tax payment.
If I don’t reply to the notice within 30 days, what happens?
If you don’t answer to a notice within 30 days, the income tax agency will make the adjustment without providing you another chance to respond if there is still unpaid demand.
I need my CPC income tax return; how do I receive it?
Soon after filing an ITR, you will receive an ITRV (acknowledgement) on your registered mail ID. Otherwise, you can download it from your account on the official income tax India website.
How may an unpaid tax demand be corrected?
To respond to an outstanding tax demand, please do it online.
- Login to income tax india efiling website using your PAN and password
- Select the “e File” tab from the top banner.
- Choose Outstanding Tax Demand to continue.
