North India Statesman
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News India Live, Digital Desk: Do you also have income tax department (Income Tax Department) Fear of notice? Nowadays the Income Tax Department keeps a close watch on the financial transactions of the people using data analytics and artificial intelligence. If any of your activity does not match the information with the department or violates the rules and regulations, then you can get notice immediately. Here are some such main reasons, on which the Income Tax Department pays special attention and due to these, notices come:
1. High-Value Transactions,
If you do certain types of big transactions in a financial year, then their information directly reaches the Income Tax Department. As:
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Bank deposit: If you deposit ₹ 10 lakh or more (or ₹ 50 lakh or more in the current account) in the savings account.
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Credit Card Payment: If you pay a credit card bill of more than ₹ 2 lakh in cash or the total payment is more than ₹ 10 lakh.
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Property purchase and sale: Purchase or sale of immovable property worth ₹ 30 lakh or more.
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Share and Mutual Fund: Investment in shares, mutual funds or bonds worth ₹ 10 lakh or more.
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All these information is given to the department by banks, financial institutions and other institutions under SFT (Statement of Financial Transaction).
2. Discrepancy in ITR:
If the details of income or expenses in your filed ITR do not match the information available with the department (eg TDS/TCS, Bank Statement, Form 26AS, AIS, TIS), the notice may come.
3. not to file ITR (Non-Filing of ITR):
If your income is taxable (ie more than the taxable limit) but you have not filed the income tax return, then the department can send you notice.
4. Unusually more refund claim (Claiming Excessive Refund):
If you claim too much refund and the department feels that it is suspicious, he can investigate it and send you notice.
5. Not disclosing foreign property or income (Non-Disclosure of Foreign Assets/Income):
If you have any foreign property or any income from abroad and you have not disclosed it in your ITR, then the Income Tax Department can send you notice.
6. Filing more than one ITR for the same assessment year (Multiple ITRS for Same Assessment Year):
This is a common mistake. If you have accidentally filed ITR more than once for the same assessment year, you may also get a notice.
7. Non-response to notices/communication):
If the Income Tax Department sends you a notice or email and does not respond to it within the stipulated time, then it can cause further action and strict notice.
8. ITR mistakes or incomplete information in itr:
Small mathematical mistakes, wrong PAN number, incorrect bank account details or incomplete information of income/expenses can also cause notice.
By taking care of all these things, you can avoid income tax notice. Always have transparency in your financial activities and file income tax returns correctly and on time.
