ITR Filing FY 2021-22: Received notice from Income Tax on claiming refund? Do this work immediately to avoid

 

New Delhi: The last date for filing income tax returns was July 31. Now the income tax filers are being scrutinised by the department, and refund is being issued by the department to those whose TDS has been deducted in the last financial year. Some taxpayers may have got the refund. But some have got the notice of Income Tax Department. Such a problem occurs when the calculation of income and tax has gone wrong.

Read More : 10 reasons you should use your credit card every time you shop

HOW IT DEPARTMENT SCRUTINISING RETURNS

Let us tell you that this time the Income Tax Department is scrutinising the returns through Artificial Intelligence based software. On this basis notice is being given to the taxpayer. If several claims are made simultaneously in different sections of the Income Tax Act, then a notice can come. In this case, the taxpayer has to verify or revise the ITR.

FINES UP TO 200 PERCENT!

Under Section 80G of Income Tax, you get the benefit of tax exemption on different expenses. Small businessmen or taxpayers claiming exemption under this section are getting more notice. Charitable funds and relief funds come under this purview. In such a situation, be it salary class or business class, if the calculation of tax and income is wrong, then a notice can be received from the Income Tax Department. A fine of up to 200 percent can be imposed as an action in case of disturbances.

YOU HAVE TO DO THIS IN CASE OF NOTICE

Read More : New Covid-19 wave in Italy? Cases continue to spike, positivity rate rise to 16.3%

If you have received a notice from the Income Tax Department, first of all collect the papers which are shown as investment. On the basis of these documents, revise the ITR filing within 15 days from the date of receipt of the notice. If there are salaried employees, which should be matched with the deduction shown in Form-16. Reconcile all the deductions given in your ITR in Form 26AS. The amount of TDS should be same in Form 16 and Form 26AS. If any difference is visible in the form, then ask your company to correct it.

Source :
MSN

RELATED ITEMS:, , , 

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more