Income Tax Notice: You also have to answer the income tax notice as soon as possible and with care, in such a situation what to do if the notice comes? Not to worry, take care of some things and then take further steps.
Income Tax Notice: Getting income tax notice can be a matter of great concern for taxpayers. Sometimes tax notices may come even after filing income tax return, in such a situation it is not understood what to do, especially when you have filed your ITR. You also have to answer the income tax notice as soon as possible and with care, in such a situation what to do if the notice comes? Not to worry, take care of some things and then take further steps.
For what reasons can a tax notice come?
First of all, you should know why tax notice can be sent to you. Either you have not reported your income correctly, have taken deductions and claims but have not submitted correct proof, have not reported high-value transactions, or have discrepancies in your ITR, have tax dues, or you have not filed ITR Not filed, there can be many reasons for getting the notice.
Do I have to pay some tax also?
After the notice, you also have to think whether the provision of fine is being made? If there is a case of unpaid tax, then you will have to pay the tax, it may be that interest has accrued on the unpaid tax and you will have to pay the tax along with the interest.
What to do when you get a tax notice?
If you get income tax notice, divide your work into 3 parts before panicking.
1. Understand the notice
First of all you have to understand why the notice has come. Since the notice can come for a variety of reasons, depending on the issue with you, you will have to take the next step. Notice comes, it does not only mean that you have done something wrong, it can also be a routine communication.
2. What to do next?
When you understand why you have received the notice, then you can decide the next step. You will be given time to reply to the notice. If there is any discrepancy in ITR, first you have to check whether you have the option to file Revised ITR for that assessment year or not. If the filing has been closed, then you will have to first file an appeal with the Income Tax Appellate Tribunal for this, then you will have to fill the revised ITR when you get a chance.
3. Get help from a tax professional
Do not hesitate to take the help of a tax professional to understand the income tax notice and take steps in the right direction. It would be better if you respond to the tax notice only under the guidance of a tax professional. Sometimes we don’t understand some calculations, or we don’t know what would be the right step, in such a situation, taking help can save you from making a mistake again.
