The last date to file Income Tax Return for the Financial Year 2017-18 is 31st July 2018. There are good chances that you may receive a notice from the Income Tax Department. If you receive a Tax notice, then you should reply to it. Here are the reasons why you maty receive a notice from the Income Tax Department: –
Notice due to faulty income and asset details
The Income Tax Department is trying its level best to control the usage of black money and benami property. The Income Tax Department may send you a Tax notice related to this type of money or asset, asking you to declare all your income sources and assets in and outside India.
This Tax notice is generally sent to the taxpayer by the Income Tax Department to give a green signal and inform them that their Income Tax Return has been successfully processed. However, sometimes the I-T department may send you the notice if there is some arithmetic miscalculation or mismatch of declared income in your return.
Under the section 143(2), the Income Tax Department will send a Tax notice if an individual fails to file his/her Income Tax Return even after receiving a notice from the department.
Here is what you should do, once you receive a tax notice: –
If an individual has filed the Income Tax return online, then he/she will receive a tax notice on their registered email ID. The taxpayer will be given directions for what they are supposed to do next, once they receive a tax notice. For each notice, there are necessary steps which are supposed to be taken by the taxpayer. After receiving the mail, you will have to visit your income tax account and click ‘My Pending Actions’ option and then go to ‘For your action’. There you can see if there is any demand pending in your name and then you will have to fulfil those demands, if any.