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.
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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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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