Income Tax Notice
The Income Tax Department delivers the notices for a variety of reasons, including failure to file income tax returns, errors made in filing returns, and other situations where the tax department needs more information or documents. The warning that is received is not startling or terrifying. However, before taking any action to respond, the taxpayer must first comprehend the notification, its purpose, and the requestor's instructions. For families and companies to stay in compliance, Mytaxpro.in provides a full range of services. If you receive an income tax notice, book an appointment with a tax professional at mytaxpro.in to understand it and decide what to do next.
Notice under Section 139(1) -- Defective Return:
If the able to file income tax return did not include all required information or did not include accurate information, an income tax notice pursuant to Section 139(1) would be issued. If a tax notice under Section 139(1) is given, you have 15 days to fix the return's faults.
Notice under Section 142(1) - Inquiry:
When the return has already been submitted and additional information and supporting documentation are needed from the assessee to complete the process, the taxpayer will receive this notice. This notice may also be sent to request more paperwork and information from a taxpayer.
Notice under Section 143(1) - Intimation:
One of the most typical income tax notices is this one. The income tax division is sending this notification in an effort to get feedback regarding mistakes, false assertions, and discrepancies in a submitted income tax return. After getting this warning, a person has 15 days to amend the return if they so want. If not, the 143(1) tax notice-required changes will be made before processing the tax return.
Notice under Section 143(2) - Scrutiny:
If the tax officer is dissatisfied with the information and documents provided by the taxpayer, a notice of income tax under Section 143(2) is issued. The Income Tax Department has chosen certain taxpayers who receive notice under Section 142(2) for close examination and will require them to provide more information.
Notice under Section 156 - Demand Notice:
This type of income tax notice is issued by the Income Tax Department when any tax, interest, fine, or any other sum is owed by the taxpayer. All demand tax notices will stipulate the amount that is outstanding and due from the taxpayer.
Notice under Section 245:
If the tax officer is dissatisfied with the information and documents provided by the taxpayer, a notice of income tax under Section 143(2) is issued. The Income Tax Department has chosen certain taxpayers who receive notice under Section 142(2) for close examination and will require them to provide more information.
Notice under Section 148:
The officer may have a reason to believe that you have not disclosed your income correctly and, therefore, have paid lower taxes. Or the individual may not have filed his return at all, even if you must have filed it as per law. This is termed "income escaping assessment." Under these circumstances, the assessing officer is entitled to assess or reassess the income, according to the case. Before making such an assessment or reassessment, the assessing officer should serve a notice to the assessee asking him to furnish his return of income. The notice issued for this purpose is issued under the provisions of Section 148.
Documents required to reply to an Income Tax Notice
The documents are required to vary with the type of income tax notice that is served to the taxpayer. The basic documents needed to reply to an income tax notice would be:
The income tax notice copy
Proof of income source such as Part B of Form 16, salary receipts, etc.
TDS certificates, Form 16 (Part A)
investment proof if they are applicable.