There can be many reasons like - Mismatch in tax credit, Inadvertent/wilfull non-disclosure of income, non-disclosure of assets , notices for high value transaction, investment in the name of spouse.
Income Tax Department can serve notices for various reasons. Some of these notices can be of general enquiry nature and some can be of detailed enquiry nature. You should not ignore these notices. You should send a proper reply on time for the notice given by the Department. Because if you don't give the appropriate reply within the due date then the department would take actions against you on the basis of information available with them.
There are different type of notices issued by the department such as under section 131, 142(1), 143(2), 148, 245. When you get such notice you should collect all the documents and informations asked in the notice given by the Department. You should provide all this information to our expert so they can form an adequate reply for that notice.
You should not take these notices lighly and seek a proper guidence if you want to avoid any situation of creating a big liability or any severe actions taken by Department against you. Don't worry we are here to solve your problem.
Every business must comply with the GST registration company India rules and regulations. The taxpayer can get the registration to distinguish their business from others. A new GST registration company can get a unique 15-digit registration number. This unique number known commonly as the GST Identification Number or GSTIN can provide complete details about the business. The central government provides this number to a taxpayer when they apply for the unique number with the following documents:
Income tax notice is served to Assesee(tax payer) by Income Tax Department when there is discrepancy, mistake ,error, Mismatch in tax credit, Inadvertent/wilfull non-disclosure of income, non-disclosure of assets , notices for high value transaction noticed in income tax return filed or non filing of income tax return. There are various types of Income tax notices, issued by the Income Tax Department.Some of these notices can be of general enquiry nature and some can be of detailed enquiry nature. You should not ignore these notices. You should send a proper reply on time for the notice given by the Department..
Don't panic or ignore the notice from Income Tax Department. Make sure the notice is issued on your PAN Card number only. Instead, find out why exactly a notice has been sent to you and the implications according to the section mentioned in the notice. Gather the documents corresponding with the transaction that the department had identified. And consult with us on the matter.
There can be many reasons like - Mismatch in tax credit, Inadvertent/willful non-disclosure of income, non-disclosure of assets for wealth tax, notices for high value transaction, investment in the name of spouse.
Yes, responding is necessary in every case otherwise you have to face the consequences stated in the Notice.
Generally, 30 days are given for reply by post or in person or up to specified period in the notice.
An Income Tax Notice may be issued because of following reasons:
Yes, responding is necessary in every case. Ignoring any Income Tax Notice may result in penalty ,interest and prosecution under the Income Tax Act, 196