New Delhi: Filed your ITR and thought it was all done? Not quite. Even after submitting your Income Tax Return, the I-T Department can send you a notice for several reasons like errors, missing information, or further clarification. If you receive one, don’t panic. It’s just a formal alert, but it’s important to respond within the deadline and take timely action to avoid complications.
Reasons Why You Might Receive an I-T Notice
– Claimed Deductions That Don’t Add Up
Submitting false claims to save tax can backfire.
Penalty: 50% for underreporting and up to 200% for misreporting under Section 270A.
– Income Doesn’t Match TDS Records
If your reported income and Form 26AS don’t align, expect a notice from the I-T department.
– Missed Declaring All Income Sources
Forgetting to mention income from side gigs, interest, or rent? That could trigger a notice.
– Switched Jobs? Be Careful With Deductions
Claiming deductions from multiple employers without proper income consolidation may attract scrutiny.
– Used the Wrong ITR Form?
Choosing the incorrect ITR form is a common mistake that can lead to penalties.
– Mismatch in HRA and TDS Details
If your HRA claim doesn’t match with the TDS data the department has, a notice may be sent your way.//
Simple Steps to Stay Penalty-Free
– Respond on Time: Never ignore a notice. Always respond within the given deadline to avoid late fees or penalties.
– Check Form 26AS and AIS: Match your income and TDS details with what’s available on Form 26AS and Annual Information Statement (AIS) before filing or replying.
– Avoid Guesswork — Get Expert Help: If the issue seems complicated, consult a chartered accountant (CA) to guide you through the response process.//
Getting a notice from the Income Tax Department after filing your ITR might feel intimidating, but it’s not the end of the world. The key is to stay alert and respond within deadlines and verify your income details carefully using Form 26AS and AIS.