Explanations why you may get a notice through the tax department

Explanations why you may get a notice through the tax department

Explanations why you may get a notice through the tax department

Listed below are typical reasons taxpayers will get earnings taxation notice and exactly how they could be avoided by them.

1. victoria hearts For delay filing I-T return For those who have maybe not filed your return by the due date, you can expect to be given a reminder notice through the income tax division. You will get this notice ahead of the end associated with the assessment for which the return is due year.

Saraswathi Kasturirangan, Partner, Deloitte India stated that filing income tax return where in actuality the person has income that is taxable mandated under section 139(1). The notices for non-filing by the date that is due generally speaking automatic reminders which point l out of the responsibility under section 139(1) and remind taxpayers to register their comes back to prevent penalties. “nevertheless, a notice under section 142(1 i that is)( might be released needing the taxpayer to furnish the return or even filed inside the deadline,” she said.

You will have to pay a late filing fee if you do not file your return by the due. Therefore, then you may have to pay a penalty of Rs 5,000 if you miss the deadline and file a belated return for the current financial year before December 31, 2019. But, this penalty increases to Rs 10000, in the event that ITR is filed on or after 1, 2020 january.

To prevent getting notice: you have to register ITR prior to the due date for filing ITR for a assessment year that is particular.

2. Misreporting LTCG from equity You will need to report any realised long-lasting capital gains (LTCG) on listed equity and equity-related shared funds during the time of filing ITR.

LTCG above Rs 1 lakh in per year on listed equity and equity-related funds that are mutual which STT happens to be compensated will soon be taxed at ten percent. Continue Reading

Posted by emanuele 2019.11.13 Review Victoria Hearts Comments Off on Explanations why you may get a notice through the tax department

Recent Comments

    Categories