The season of filing income tax return (ITR) has started. Many taxpayers have filed ITR. Many jobs are waiting to get Form 16. Employees issue their employees by 15 June. Only then file salary taxpayers returns. However, this time taxpayers have got more time to file returns. CBDT has increased the deadline for filing returns to 31 September.
Experts say that taxpayers should not wait for the deadline to come closer to file income tax returns. The reason for this is that the possibility of mistake is increased when filed in haste. Apart from this, taxpayers can forget to tell about any income due to hasty filing returns. With this, taxpayers can get the notice of Income Tax Department.
Full precautions should be taken in filing income tax returns. Information about every small and small income should be given in ITR form. Despite this, if the notice of the Income Tax Department comes, then it should not be panicked. Especially if you have planned income tax rules properly then there is no need to panic. Many taxpayers get into tension as soon as income tax notice comes. They also do not try to find out what is written in the notice.
Experts say that in the last few years, the Income Tax Department has made its functioning quite digital. Now the work from processing to refund is completed with the help of software. Even scrutiny of ITR form is software. The Income Tax Department now keeps a close watch on the financial transactions of the taxpayer with the help of Form 26AS and AIS. If the department sees any deficiency in taxpayers’ financial transactions, income, tax payment, then he can issue a notice on the basis of doubt.
Taxpayers need to understand that the income tax notice does not mean that you have done a big scam. Actually, the Income Tax Department can send a notice and ask the taxpayers questions about any data. Taxpayers only have to answer the department’s question. The matter ends after the department is satisfied with the taxpayers reply.
The Income Tax Department issues notice to taxpayers under different sexes. For example, under Section 142 (1), the Income Tax Depression can send a notice on not filing ITR. Even if he needs any additional document from taxpayers, he can send notice under this section. Notice is sent under section 139 (9) when the taxpayer uses the wrong ITR form to file returns.
Experts say that on getting the notice of income tax, first of all, he should try to understand what is written in the notice. If a document has been sought from the taxpayer or an answer has been sought to a question, then the taxpayers should reply to that notice. One should try to answer a notice soon. The reason for this is that every notice is time-bound. If the matter written in the notice is not understood, then the help of tax experts should be taken.