Received an Income Tax Intimation Notice, this is the first thing you should check.

 What exactly is Income Tax Intimation Notice?

An Income Tax Intimation Notice informs the tax payer whether the information he/she has filed in ITR matches with the information that the tax department has.

Note: Just Easy Step To File Your ITR With Us. Find Us Here Best ITR Filing Company in Jaipur

After all the information is processed by the income tax department filed at the time ITR filing, the department sends intimation notice to the tax payers under Section 143(1) of Income Tax Act, 1961.

The tax payers receive this Notice on their registered Emails and they also get a SMS notification informing them of the same.

The income tax department checks for any kind of arithmetical errors, data inconsistencies, tax and interest calculations, basis the information the department already has.

They also keep the track of the tax payment made and once everything is processed they send the intimation notice to the tax payer under Section 143(1) of Income Tax Act, 1961.

Our Professionals and many experts think and say that one should carefully read the notice. According to the professionals there are a few things one need to check first after receiving the Income Tax Intimation Notice.

  • Once anyone receives the notice, the first thing to check is the name and all the personal identification details such as Address, PAN, Name etc. are correct or not.
  • The next step after checking all the personal details is to check clearly what type of notice one has received whether it is Intimation Notice Under Section 143(1) or The Defective Notice under section 139(9) or whether it is notice on scrutiny assessment under section 143(2) etc.
  • The next and the most important step is to check and tally the details that you have filed and the reason for the notice.
  • After carefully figuring out the reason for receiving the notice one has to check the compliance that needs to be submitted like filing revised ITR, applying for rectifications if any, Paying Demands etc.

After April 1st, 2021 the Income Tax Department is given time limit of 9 Months from the end of financial year in which ITR has been filed.

One should also keep in mind that the notices receives does not end with only Section 143(1). The Income Tax Department does their checks based on the first impression during processing. The notice can still be sent later for more information in future.

The last Date of filing ITR for financial year 2020-21 is 31st December, 2021.

Location: 8MGWVJ4Q+6G

Comments

Post a Comment

Popular posts from this blog

GST Set Off Rules: How Input Tax Credits are Used

In today’s dynamic business landscape, understanding the intricacies of taxation is paramount for entrepreneurs and businesses of all sizes. Goods and Services Tax (GST) is a fundamental component of the Indian tax system. One of the critical aspects of GST is the set-off rules, specifically, how input tax credits are utilized. In this comprehensive guide, we will delve into the world of  GST set-off rules  and explore how businesses can optimize their tax credits for financial efficiency. Table of Contents Introduction to GST Understanding Input Tax Credits (ITC) Eligibility for Input Tax Credits Conditions for Availing Input Tax Credits Documentation and Compliance Blocked Credits under GST Apportionment of ITC for Mixed Supplies Input Tax Credits on Capital Goods Reverse Charge Mechanism Transition Provisions for ITC Time Limit for Availing ITC Reversal of ITC Practical Examples of ITC Calculation Best Practices for Managing ITC Conclusion 1. Introduction to GST The Goods a...
Read more

Here is What to do if you forgot to verify your Income Tax Return.

  According to income tax laws any taxpayer gets 120 days after filing ITR to verify it. But what happens if you forget to verify it in the given timeframe. There are basically six of verifying after filing the ITR from which five of them can be done electronically and the last option is to send physical documents to the Income Tax Central Processing Centre (CPC), Bengaluru. Note : Join Our Best Offer package For Diwali And File Your ITR With Us,  Join  Best ITR Filing Company In Jaipur . So you forgot to verify the filed ITR within 120 days, What’s next?  If you have not verified your filed ITR, it becomes invalid and will not be processed further. Any tax refunds claimed by the individual will not be given to you unless a verified tax return is filed by the tax payer and it has been processed by the income tax department. If the taxpayer forgets to verify the filed ITR they can then apply for condonation delay request if there is genuine reason the ITR was not veri...
Read more

Some of the less known Tax Deduction to be Claimed for maximum Returns

  It is always advisable to start the process of filing for ITR as early as possible, even though there is well over 2 months before the last date of filing ITR. One of the main reasons for doing so is that it will give you ample amount of time for proper evaluation of all the deductions be it small or big. Best ITR Filing Company In Jaipur  Will Help You In Easy Way: The Tax Heaven Setting aside all the sought-after deduction under section 80C and Section 80D there are a lot of lesser known deduction that taxpayers generally miss out on. Preventive Health Check-ups:  Very few taxpayers claim return for preventive health check-ups and most of them don’t even know about this deduction. One claim up to Rs. 5000 on preventive health check-ups for self, Spouse, Dependent Children, and Parents Below 60 Yrs. Of age and for parent 60 Yrs. And above Rs. 7000 can be claimed. These Check-ups include medical test to detect and screen any possible disease. Medical Expense of Senior C...
Read more