Income Tax Notice : The Income Tax Department issues notices to taxpayers from time to time. Many times, due to the mistake made by the taxpayer, the Income Tax Department sends notices to the taxpayer. These days, the Income Tax Department is sending notices to such taxpayers (Taxpayers news). Let us know in detail about this update of income tax.
Income Tax Notice: If you also pay income tax, then this news can be very useful for you. Recently, the Income Tax Department has issued a big update for taxpayers. These days the Income Tax (income tax notice update) department has kept a sharp eye on some taxpayers. According to the update, now notices are being sent to taxpayers by the Income Tax Department. In such a situation, it is very important for you to know the reasons for which the department is sending notices. Let us know about this in detail
Know what is the problem-
Under the new Tax Regime, taxpayers are given tax exemption on total income up to Rs 7 lakh. Due to this, their tax liability also becomes zero. However, some experts believe that it is not clear whether it will be applicable on special rate income like Capital Gains or not.
Giving information, a tax (IT notice kab) expert said that there may be a problem in tax application under section 87A. Especially for those taxpayers who have both regular income and special rate income like STCG. There is confusion on the fact that the calculation of rebate is applicable only according to the total income.
Notices are being sent for this reason-
The Central Board of Direct Taxes has recently excluded short-term capital gains (STCG) and long-term capital gains (LTCG) from exemption while processing returns through the ITR utility portal. Due to this, tax notices are also being sent to many taxpayers (Update for taxpayer). Giving information, the direct tax partner of Forvis Mazars said that the CBDT, taking cognizance on the ITR utility portal itself, has clearly refused to ensure exemption under section 87A on such short-term and long-term capital gains. Due to this, the dispute is increasing.
Exemption is given at this time-
When tax is imposed on normal income according to slab rates (tax rules in India), then exemption is given on it. Apart from this, under section 112, tax exemption is also given on other capital assets other than long-term capital gains listed equity shares and equity mutual funds. Apart from this, under section 111A, 15 percent tax relief is given on short-term capital gains such as listed equity shares and equity mutual funds (Mutual Fund investment).
Exemption is not available at this time-
Under section 112A, 10 percent tax exemption is not given on long-term capital gains i.e. equity shares (share market) and equity mutual funds. Experts said that some taxpayers believe that exemption under section 87A is available on total income including capital gains (Capital Gain kya h). Some CIT (A) rulings have also supported this. Until the matter is resolved legislatively or judicially, taxpayers (news for taxpayer) will have to oppose the denial and also file a proper reply.
Do this on receiving the notice-
- Review the notice – On receiving the notice (IT notice milne par kya kare), you should check that the exemption claim is as per the tax provisions.
- Consult a tax expert – Apart from this, on receiving the notice, you can also consult a Chartered Accountant to validate the claim.
- File a correction or appeal – If your request has been rejected wrongly, then file a request for correction in this also or oppose the notice.
