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One of the common reason to invite IT Notice is erroneous or delayed return filing. Consider approaching an accountant or register with an online tax filing service portal to ensure correct returns each year.
Here are some of the simple processes, when followed will make sure that one does not get the Income Tax Notice.
File returns timely and correctly: One of the common reason to invite IT Notice is erroneous or delayed return filing. Consider approaching an accountant or register with an online tax filing service portal to ensure correct returns each year.
Send ITR V to Centralized Processing Centre (CPC):
The work does not end with just filing the returns as they are not filed until ITR-V is sent to the CPC in Bangalore. Ordinary Post is the only acceptable mode of sending across the acknowledgement, so stay away from a courier and other services for this task or else you might get your mail returned.
Mismatch in Income & Expenses/Investments:
An investment of Rs. 25 lakhs does not justify against an income of Rs. 15 lakh. One has to clarify the source of funds in such cases.
Gift from Relatives/Friends:
One has to always maintain a documentary record of gifts received from relatives or friends in their bank accounts as the details might be asked anytime.
Form 15G/15H:
If your income is below the taxable limit then you may submit form 15H/15G asking the bank or financial institution to, not to deduct TDS at source instead of claiming it as a tax refund.
High-Value Transactions:
Transactions that come under the ambit of high-value are being scanned by the IT department. Hence, avoid transacting high-value sums, until you have a valid and legal reason to do so.
Pan Details:
Pan Details are very important from income tax perspective. Hence, any change in data such as name or a post-marriage name should be immediately notified.
Exempt Income:
Even if some incomes are exempt, they are required to be declared in the Income tax filing.
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