If you have claimed bogus deductions or exemptions in your Income Tax Return, you may be in trouble. Recently, several reports have said that the Income Tax Department is sending notices to salaried taxpayers seeking proof of exemption or deduction claimed in their ITR.
If you have claimed bogus deductions or exemptions in your Income Tax Return, you may be in trouble. Recently, several reports have said that the Income Tax Department is sending notices to salaried taxpayers seeking proof of exemption or deduction claimed in their ITR. The tax rules allow individuals to claim tax exemptions and deductions made under the old tax regime. However, experts say that taxpayers claiming bogus or bogus deductions in their income tax returns can attract the attention of the income tax department and may get notices.
Today the Income Tax Department has many sources from which it can get information about the income and expenditure of any person. Income Tax also takes information from independent sources whenever you file ITI. If there is any discrepancy, the Income Tax Department sends a notice to the taxpayer.
What should you do after receiving a notice from the Income Tax Department?
Nowadays income tax notices are generally sent on the registered email ID of the taxpayers. Tax expert says that if the notice comes to the salary class taxpayer, he should reply to the notice on time. The matter may get stuck if delayed. Along with replying to the notice, documents of your tax exemption or allowance etc. should also be given.
When can you get notice?
You may get a notice if the Income Tax Department finds any mistake in your ITR.
How much time do you get to reply?
After receiving the notice, taxpayers generally get 15 days to respond. However, if he is not able to respond to the notice within the stipulated time, he can ask his local authority to extend the time.
How to reply to Income Tax notice?
- Do not ignore notices: Ignoring the notices of the Income Tax Department can lead to serious legal consequences. Reply to the notice within the stipulated time.
- Read the notice carefully: Understand what the notice is about. Answer based on the deficiencies found.
- Attach the document with the reply to the notice: Do attach the necessary documents along with the notice.
KEEP RECORDS: Keep a record of the documents accompanying the response to your notice.
Should you consult a CA or a lawyer?
Taxpayers should take expert advice to respond to the notices of the Income Tax Department. They know how to respond in the right way. This can save you from any fines.
