ITR Refund: Many taxpayers may have got the refund but there will be such taxpayers who would have got the notice of Income Tax Department instead of refund. Here’s what to do when you get a tax notice.
ITR Refund: The time to file Income Tax Return is over now. The date fixed by the government i.e. 31st July was the deadline for filing income tax returns. In such a situation, now the returns are being scrutinized by the Income Tax Department and the taxpayers whose TDS has been deducted, their refund is being given by the department. Many taxpayers may have got the refund, but there will be such taxpayers who would have got the notice of the Income Tax Department instead of the refund. This happens when the calculation of income and tax is done wrong.
Department is doing scrutiny through AI
Let us tell you that this time the Income Tax Department is scrutinizing the returns through a software based on Artificial Intelligence. On the basis of this notice is being given to the taxpayer. If several claims are made simultaneously under different sections of the Income Tax Act, then notice can be received. In this case, the taxpayer has to verify and revise the ITR.
Why get income tax notice
Tax exemption can be availed on various expenses under section 80G of the Income Tax Act. Small businessmen or taxpayers claiming exemption under this section are getting more notice. Charitable funds, charitable funds, relief funds come under this purview.
In such a situation, be it salary class or business class, if the calculation of tax and income is wrong, then a notice can be received from the Income Tax Department. If found guilty, a fine of up to 200 percent can be imposed as an action.
What to do when you get a notice
If you have also received a notice from the Income Tax Department, then first of all collect the papers which are shown in the investment. On the basis of these documents, revise the ITR filing within 15 days from the date of receipt of the notice.
If there are salaried employees, which should be matched with the deduction shown in Form 16. Reconcile all the deductions given in your ITR in Form 26AS. The amount of TDS should be same in Form 16 and Form 26AS. If any difference is visible in the form, then ask your company to correct it.
