Income tax notice: The deadline for filing income tax returns is approaching. The return has to be filed by 31 July 2022. If you are a new taxpayer, then you need to know some things before filing your return. There is a process to file tax return. Refund is issued only after completing this process. After filing the income tax return, its verification is done. After verification, when it is submitted, the Income Tax Department investigates.
What is Letter of Intimation in ITR?
In the language of tax, it is called Letter of Intimation. This notice tells whether the return filed by you is true or false. Such a notice can also come if you have entered the interest information wrong while filing the return or if there is any minor mistake. This notice tells that whatever mistakes have been made in the return, rectify them.
Why can income tax notice mean?
> If your liability is becoming more than the tax paid during the income tax return.
> If the tax that you have filed during the return, your liability is becoming less than that or you have filed the return correctly.
> Experts agree that such notices often come to every taxpayer. If you do not receive such notice, you can assume that your return has not been processed.
Do not delay in replying to income tax notice
Mails are being sent on behalf of the Income Tax Department regarding this. According to tax experts, the tax notice under 143(1) is called notice of demand. That is, if you have any tax liability due, then you should pay it within 20 days from the receipt of this message. If you delay it, after the lapse of 30 days, you will have to pay interest at the rate of one per cent monthly.
What should I do now? (How to check Income Tax refund status)
(1) If you go to the website of Income Tax Department, you will find ITR Status written at number 9 in the column on the left side of the homepage.
(2) On clicking on it, a new page will open where you will have to fill PAN number, ITR acknowledgment number and captcha code. Keep in mind that after submitting the ITR, the Income Tax Department sends the acknowledgment number to your registered mail id.
(3) After submitting all these details, the status of ITR processing will be known. If the return is not processed then Return Submitted and verified and processed then Return Processed and Refund Paid will be written.
(4) If you log on to the Income Tax website, then Filing of Income Tax Return and View Returns / Forms will be written below on the dashboard.
(5) If you click on the second option, a new page will open in which your PAN number will be uploaded above and assessment year (assessment year) and income tax return will have to be selected below.
(6) Then after submitting the return status will be shown. If the return is not processed, then the status will be written as Successfully Verified.
(7) If ITR Processed is written, then understand that your ITR has been processed.
Demand Notice (under section 156)
An income tax notice under section 156 is issued against the outstanding amount, interest, penalty etc. Such information is usually sent after the post assessment of income tax return. The notice, issued by the Assessing Officer, directs the amount to be due and asks the taxpayer to deposit the outstanding amount in time to avoid any penalty.