The Income Tax Department monitors the financial activities of the people in the country. It keeps the financial information of every person who pays tax. At the same time, let us tell you that it is mandatory for every person who pays tax to fill ITR. In such a situation, many rules have been made by the Income Tax Department regarding ITR. If you ignore these rules made by the department or make any mistake in filling ITR, then a notice can be issued to you by the tax department.
In such a situation, if you are also going to file income tax return, then let us know which mistakes you should not commit even by mistake and in which situations notice can be issued to you by the department.
If the given information is not an exact match
Explain that if your total income and the income information given by you in ITR do not match, then a notice can be sent to you by the Income Tax Department. In this case, you should give correct information about total income, assets and other things in ITR.
Difference between income and transaction
On the other hand, if your income increases or decreases due to any reason, then the tax department can ask for information from you. For this reason, whenever you are doing any high value transaction or investing more money in any property, then you must give information about it in ITR.
late filing of tax return
If anyone does not file income tax return on time, then under section 142 (1) (i) of the IT Act, a notice can be sent to him and he can also be fined.
Failure to provide correct income tax information
Explain that the tax return is assessed by the Income Tax Department. In such a situation, if the correct information of income tax has not been given, then a notice can be sent to the taxpayer under section 147.