Tax Notice - Overview - ACCOTALE | Expert Accounting, Tax Consultancy, Financial Services in Kolkata

Income Tax Notice

Tax Notice - Overview

An Income Tax Notice is a formal communication issued by the Income Tax Department to taxpayers for various reasons, such as discrepancies in tax returns, incomplete filings, or unpaid dues. These notices require the taxpayer’s attention and action within a stipulated time frame to avoid penalties or legal consequences.

Notice Under Section 142(1)
Notice Under Section 143(1)
Notice Under Section 143(2)
Notice Under Section 139(9)
Notice Under Section 148
Notice Under Section 156

Common Reasons for Receiving an Income Tax Notice

Discrepancy in ITR Filing: Mismatch between the income reported and the data available with the Income Tax Department.

Non-Filing of ITR: Failure to file the income tax return despite being eligible or mandated to do so.

High-Value Transactions: Engaging in large financial transactions without proper tax disclosures.

Random Scrutiny: Selection of your tax return for detailed scrutiny under Section 143(2).

TDS Mismatch: Mismatch between TDS reported in Form 26AS and the ITR filed.

Failure to Report Exempted Income: Not reporting tax-free income such as dividends or agricultural income.

Defective Return: Filing a return with errors or incomplete information under Section 139(9).

Excess Claim of Deductions: Claiming deductions that appear excessive or unsupported by documentation.

Steps to Handle an Income Tax Notice

Understand the Notice

Read the notice carefully to identify the section, issue, and deadline.

Verify the Details

Cross-check details such as PAN, assessment year, and transaction amounts.

Seek Professional Help

If the notice is complex, consult a tax expert or chartered accountant.

Maintain Records

Keep all relevant documents and correspondence for future reference.

Respond on Time

Log into the Income Tax e-filing portal, and submit your response under the "e-Proceedings" section.

How Accotale Can Help

Assessment
→ We help you understand the notice and its implications.

Preparation
→Gather necessary documents and draft responses.

Submission
→File accurate and timely replies to the Income Tax Department.

Follow-up
→Ensure compliance and resolve the matter effectively.

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The level of professionalism and attention to detail at ACCOTALE ADVISORY PRIVATE LIMITED is unmatched. Their accounting services have provided us with clear and accurate financial insights, allowing us to make informed decisions with confidence.

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