Respond to Tax Notices

Reasons for issuing Income tax notices

we may get worried if get a notice from the income tax department.There may be many reason for issuing notices by department include not filing ITR on time, calculation errors, not reporting income correctly or even claiming excessive losses.Generally income tax notices are issued under Section 139(9), 143(1), 143(2), 143(3), 245, 144, 147 and 148 of Income Tax Act, 1961.

Some reasons due to which notices are issued

1.For delay filing I-T return
2.For not filling ITR
3.For filing defective return
4.Misreporting LTCG from equity
5.For TDS claimed not matching with Form 26AS
6.For non-disclosure of income
7.For not declaring investments made in the name of spouse
8.If you have done high-value transactions
9.If your return is picked for scrutiny
10.For setting off refunds against remaining tax payable
11.For tax evasion in earlier years

We must respond to the notice within the stipulated time. If any scrutiny arises, provide all the relevant details or documents on time that the department seeks from you to verify the necessary details.