Himani Chowdhary Instagram – Pehle ITR bharo fir notice ke jawab do 😏
If you ever received an IT notice, it can be a cause for concern, but don’t panic! Its a common way for the department to communicate with taxpayers.
But what exactly are these notices, and why do you receive them?
Here’s a simplified explanation:
Income tax notices come in different types, each serving a specific purpose:
1️⃣ Intimation notices: These are essentially informational, keeping you updated about your tax filing status, tax payments, or any other relevant details.
2️⃣ Demand notices: These indicate that you owe taxes to the government and specify the amount due. They might arise due to miscalculations in your tax return, underpayment of taxes, or late filing penalties.
2️⃣ Penalty notices: As the name suggests, these are issued when you fail to comply with tax regulations, such as not filing your return on time or not paying taxes due.
▪️ Notices also reference specific sections of the Income Tax Act, which explain the legal basis for the notice and the corresponding consequences. Understanding these sections can help you grasp the situation better.
▪️ Verifying the authenticity of the notice is crucial! 🔐 Scammers sometimes use fake notices to trick people into revealing personal information or making payments. The Income Tax department provides a facility on their website to verify the genuineness of a notice, check the video to know the steps.
Remember, receiving a notice doesn’t necessarily mean you’re in trouble. But if you ignore it then you might have to pay interest on outstanding tax plus ₹10 lakh penalty. If you still dont comply then you can get jailed for 1 year.
#incometax #notice #scamalert #penalty | Posted on 26/Feb/2024 17:00:26
