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Our professionals can help you deal with Income Tax Notice.
There can be various reasons for issuance of income tax notice. Income Tax Notice may be received to just request the furnishing of information or may be to start the assessment or any other income tax proceedings.
Reasons can be:-
There are numerous income tax provisions under which income tax authorities issue notices to taxpayers. Below is an exhaustive list which contains types of notices issued commnaly.
We categorize income tax notices in critical and non-critical segments to understand the sensitivity of income tax notices.
This notice may ask you to file income tax return since there may be large value transactions or any entry available in Form 26AS.
Confirmation Balance u/s 133(6) of the Income Tax Act, 1961Sometimes Income tax authority issued a notice to ask you to confirm the balance outstanding of the 3rd party with you, just to cross verify.
Intimation u/s 143(1) of the Income Tax Act, 1961This is automated generated income tax return processing intimation order. This notice gives you a comparative statement of the income and other particulars declared by you in income tax return and particulars accepted or not accepted by the income tax authority. This may raise income tax demand which requires to be paid or rectified with the help of professionals
Defective Return Notice u/s 139(9) of the Act, 1961This notice is received when the income tax authority found any particular in the income tax return filed not aligned with the income tax rules. In such cases, you need to rectify mistakes and refill the income tax return.
This notice is received when the income tax return filed is picked for scrutiny. Now, the Income tax officer will call upon all information to examine all the possible sources of the income. Income tax officers shall add the income found which is not declared in ITR and also impose heavy penalties.
Notice under Section 148This notice is received when the income tax official found some information that taxpayer has concealed the income and not paid tax on it.
An encounter with the income tax department is usually filled with stress.
Ensure the below before taking any further steps:-
If all particulars are correct in the notice then you must need to reply to the notice within time. Our professional can help you understand the nature of notice and assist you draft and file the reply to the income tax authorities.
If you don’t answer the income tax notices within the specified time, there can be various implications.
Non-compliance of a tax notice not only attracts a penalty of ₹ 10,000 for non-compliance of notice but may lead to the best judgment assessment by the tax officer against you.
In other words, if you choose to be silent then income tax officers may add income based on the information available with them whether correct or wrong and charge a tax along with heavy penalties.
Furthermore, some non-compliances of income tax act contain prosecution punishment also.
Hence we suggest you to file a timely reply to the income tax notice.
We have income tax experts in our team who can understand the reason for the income tax notice served to you.
Our professionals not only help you advise what steps to be taken in response to income tax notice but also can represent income tax authorities on behalf of you.
Our professionals will look into the issue, request supporting documents / information, draft a legal reply to the income tax notice and also file a response to the notice before income tax authorities.
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