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.
1 thought on “Income Tax Notice: Do not make 4 mistakes in ITR filing, lest the tax department’s notice reaches home”
At the beginning I pay my thanks for sending the notifications time to time. My case is rather a difference one. Like every year I submit my tax return in time. No complaint or notice has been sent by the IT dept. But in the last F.A, i.e 2022-23 the I.T department has sent me the clarification under section 143(1) regarding mismatch of submitted returns. But it is astonishing that there is no difference between the details of income etc with the last three (3) previous financial years. Apart if any wrong persists is beyond my knowledge because the Tax Return is done by the TRP ( Tax Return Preparers), the listed name given by the Ayakar Bhawan, Kolkata whose TRP ID is T096000507. Moreover my case is purely knowledgeable to him. Rectification has done by him but CPC Bangalore is not agreed with that. I am completely in dilemma. How can blame on that person prepared my tax return that thereafter mistake/ mismatching still persist. Now what shall I do? Please advise.