Income Tax Notice
Overview About Service
Even if you have timely submitted your income tax returns, receiving an intimation or notice from the income tax department can be confusing. Let's make a distinction between an intimation and a notice to make things clearer for you. With a few exceptions, an intimation normally tells you of the outcome of your return processing or assessment decision, and no more action is typically necessary.
A notice, however, compels you to pay attention and act. The Centralised Communication Scheme (CCS), which mandates that all communications be carried out online, was recently adopted by the Central Board of Direct Taxes (CBDT). Every communication sent by the Income Tax Department (ITD) on or after October 1, 2019, will include a special Document Identification Number (DIN) as part of this scheme.
Review the specifics of any notification you receive to make sure there are no inconsistencies. However, if you receive a notification, you must move quickly since you might be required to provide a response or follow certain tax laws. You can more successfully read through your income tax notices if you are aware of these differences.
What to Do-
After receiving an income tax notice, follow these steps:
Read the notice carefully to understand the reason for its issuance.
Verify that the notice contains accurate personal details, such as your name, PAN number, and address.
Identify any discrepancies in your income tax return that may have triggered the notice.
Respond to the notice within the specified time to avoid penalties or legal actions.
Provide a well-supported response with relevant information.
Verify that the notice is reflected in your online income tax account for proper record-keeping.
Causes of Income Tax Notices
Inconsistencies in reported TDS amounts.
Inaccuracies on the tax return.
Failure to submit all necessary documents.
Non-filing of tax returns.
Investments made in the spouse's name without proper reporting.
Undisclosed high-value transactions during the fiscal year.
Random examination by the assessing officer.
Improper disclosure of long-term capital gains from stock investments.
Failure to declare any income.
Incorrect use of income tax return forms.
Income Tax Notice Costs
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Why Choose FilingMan
For Income Tax Notice Action?
Choosing FilingMan to address your Income Tax Notice signifies a strategic choice grounded in expertise and meticulous attention. With a team of knowledgeable professionals well-versed in tax regulations, FilingMan guides you through the intricacies of understanding and responding to Income Tax Notices.
Our experienced experts analyze the notice, provide clear explanations, assist in compiling necessary documentation, and craft well-informed responses, ensuring accurate compliance and minimizing potential repercussions. By partnering with FilingMan, you gain a reliable ally dedicated to navigating the complexities of Income Tax Notices, empowering you to address tax matters with confidence and precision, while safeguarding your financial interests.