Income Tax Filing Common Mistakes: If you make these six mistakes regarding income tax, then notice of Income Tax Department can be sent.
Tax Related Mistakes: Financial information of every person who pays tax is kept by the Income Tax Department. ITR Filing is mandatory for every person who pays tax. In such a situation, many rules have been made by the department regarding filling of ITR. If you ignore these rules or make some mistakes in filling ITR, then a notice can be issued by the Income Tax Department.
If you are also going to file Income Tax Return, then let us know which mistakes you should not commit and in which situations notice can be issued to you.
If there is no income match
If your total income and the income given in ITR do not match, then a notice can be sent. In this case, you should give information about total income, assets and other things in ITR.
If something went wrong in TDS claim
While filling TDS, the information of Forms 26AS and 16 or 16A should be correct. If this does not go well, then Section 143 (1) of the IT Act can send you a notice.
Wrong information about assets and income in ITR
If you have not mentioned the correct information about your income and assets in the ITR, then a notice can be issued by the Income Tax Department in this situation. For this reason, information about income and total assets should be given.
Difference between income and transaction
If your income decreases or increases due to any reason, then the Income Tax Department can ask for information on this. For this reason, whenever you are doing any high value transaction or investing more money in any property, then give information about it in ITR.
In case of tax evasion
Tax return is assessed by the Income Tax Department, if the correct information of income tax is not given, then a notice can be sent to the taxpayer under section 147.
Late filing of tax return
If anyone does not file income tax return, then notice can be sent under section 142(1)(i) of the IT Act and you can also be fined.
