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Why Do You Get an 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:-

  • Non-filing of Income Tax Return
  • Mismatch of Form 26AS with declared income.
  • Non- Disclosure of Income
  • Not declaring details of assets and investments made.
  • Abnormal cash transactions
  • For filing the defective return
  • If you have done high-value transactions during the year
  • If your return is picked for scrutiny
  • For tax evasion in earlier years
  • and many more…...
TYPES OF INCOME TAX NOTICES

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.

Non-Critical Income Tax Notices
Non-filing of Income Tax Return

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, 1961

Sometimes 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, 1961

This 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, 1961

This 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.

Critical Income Tax Notices
Notice under Section 143(3)

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 148

This notice is received when the income tax official found some information that taxpayer has concealed the income and not paid tax on it.

How to respond when you receive an Income Tax Notice?

An encounter with the income tax department is usually filled with stress.

Ensure the below before taking any further steps:-

  • Is it really your name on the income tax notice?
  • Is your Pan Number mentioned correctly?
  • Which assessment year such notice relates to?
  • Is there a correct document identification number [DIN]?

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.

 

What if not replied to the Income Tax Notice?

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.

How can we help you get rid off 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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