You have got a notice from the income tax department and just don’t know what to do. You are in a panic. Relax…an income tax notice is not the end of the World.
These are the various types of income tax notices you get and you better learn how to cope with them.
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If you have received this notice, it could be a mistake you have made while filing income tax returns. The reasons could be:
You don’t need to panic if you have received this notice. All you need to do is login to the website, http://incometaxindiaefiling.gov.in/e-Filing/, You then select, “In response to notice u/s 139(9)”, and then make the necessary changes to upload the correct information.
SEE ALSO: 5 Simple Steps To File Income Tax Returns
Income Tax Notice U/S (148)
Have you neglected to mention an income source or a certain calculation? You might get this notice.
What happens if the amount highlighted is more than a lakh? Then the notice would be sent anytime within a 6 year time frame.
What happens if the amount is below a lakh? Then the notice would be sent anytime within a 4 year time frame, from the end of the assessment year.
If you get this notice, make sure you file IT returns within the time frames specified.
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See Also: Income tax return status
If you are salaried and have not been filing ITR within the requisite timeframe, (Within July 31st of the assessment year), then this penalty comes into play.
You may be fined a maximum penalty up to Rs 5,000 and this decision depends on the assessment officer.
Just hear this. From the Assessment Year 2018-19 (FY 2017-18), if you file returns after July 31st but before December 31st, then you would have to pay a minimum fine of Rs 5,000.
If you file returns after December 31st , then you would have to pay a fine which could be a minimum of Rs 10,000. If your income is below Rs 5 Lakhs, then the maximum penalty you face is just Rs 1000.
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The Notice u/s 143(1) is just an intimation in response to the ITR filed by you. It means one of the following:
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