If you have hidden your income or the return has not been filed on time, then you may get a notice from the Income Tax Department. The Income Tax Department is going to make a big change for the tax payers. Let’s know the complete details about it.
Many times notice comes from Income Tax Department despite filing Income Tax Return. This notice comes under different sections of the Income Tax Act.
This notice is actually a written communication, which alerts a taxpayer on behalf of the Income Tax Department about the problems related to his tax account.
If you have hidden your income or the return has not been filed on time, then you may get a notice from the Income Tax Department. The Income Tax Department is going to make a big change for the tax payers.
The Income Tax Department will now match the details of income given by such people and the property purchased. If anything wrong is found in the ITR declared by these people, notice will be sent to them immediately. Action will be taken on the basis of receipt of reply to the notice from the income tax payer.
If these things are hidden then notice will come
Explain that the department’s eye will now be specially on those who buy expensive flats, form houses and luxury vehicles. The Income Tax Department has got an inkling that some people living a luxury life give less details of their annual income. The department suspects that such people are evading tax.
They have to pay fine
Know that under the Income Tax Act, penalty is imposed for various defaults committed by the taxpayer. Apart from penalties for non-payment of self-assessment tax, default in payment of tax, default in filing income return and others, the Income Tax Department also imposes penalty for underreporting and misreporting of income.
These things are included in the misinformation
Giving or concealing wrong information, not giving correct record of investment, exaggerating the deduction but not giving proof, any false entry in the account book, concealment of record of any international or any particular transaction have been included. The IT department has detailed various provisions and conditions for understatement or misrepresentation of income and taxpayers can visit the official website for more details.
