In India, if your income is above a certain limit and you fall under the tax bracket, then it is necessary for you to file Income Tax Return. If you make any kind of mistake in filing ITR, then the Income Tax Department has full right to send you an IT notice. The Income Tax Department also has the right to re-evaluate your old ITR.

In this regard, the deadline for income tax payers to declare undeclared income from assessment year 2018-19 is 31 August 2024. For assessment year 2018-19 or subsequent years, if your undeclared income is more than Rs 50 lakh, then you may get a notice under section 148 from the Income Tax Department by August 31, 2024.

Also Read: ITR claims stuck: Many refund claims are stuck due to non-linking of PAN-Aadhaar, know all details

These changes have been made in the rules

Let us tell you that earlier the department was given 10 years from the end of the assessment year to initiate such proceedings. Accordingly, the Income Tax Department would have had time till March 31, 2029 for the assessment year 2018-19, but Budget 2024 has reduced the time limit to restart old cases. In such a situation, if the undeclared income is more than Rs 50 lakh in the assessment year 2018-19 or subsequent years, then taxpayers can be sent a notice by the IT Department under Section 148A and 148. If you have also received a notice from the IT department, then know what to do?

Understand what to do if you receive a notice

Verify Notice

If you receive a notice under section 148A, check whether it has been issued within the given time limit or not. Also check whether it has been sent by the local assessing officer or NFAC.

Respond to the notice

Tax payers are given between 7 to 30 days to respond to the notice under section 148A. You must keep this time limit in mind and submit your response on time.

If the notice is incorrect

If you feel that the notice has been issued in a wrong manner, then while replying to the notice, you should attach your necessary documents and submit them and put forth your side. In such a case, you can ask the Income Tax Department to reopen the case.

Related Article:-

Post Office GDS Result 2024: Declared first merit list released for Dak Vibhag Grameen Dak Sevak Bharti at Indiapostgdsonline.gov.in

Flight Ticket: Air travel becomes expensive for Diwali, fares increased by up to 25 percent

The post ITR reassessment: check who can get tax notice under 148 by August 31, 2024 first appeared on Rightsofemployees.com.

Income Tax: Everyone wants to invest in property. In this, the returns are quite good, even if late. Besides, your investment also remains safe. But, these days people are facing Income Tax Notice on purchasing property. If something similar has happened to you too, then you should know where the mistake happened.

It is very important to link PAN and Aadhaar –

If you have received income tax notice after purchasing a house or land. So check carefully whether your PAN card and Aadhaar are linked (PAN Aadhaar Link) or not. Also, the PAN card of the person whose property you are buying should also be linked to Aadhaar. If the PAN card of either the buyer or the seller is not linked to his Aadhaar number, then both can get into trouble. Recently more than one crore PAN cards were closed.

How much is the tax?

According to income tax rules on purchase and sale of property, 1 percent TDS has to be paid on purchase of property worth Rs 50 lakh or more. However, it can be claimed later. But now the deadline for linking Aadhaar-PAN has passed. In such a situation, people will have to pay 20 percent TDS.

Notices started coming –

More than 6 months have passed since the last date for linking Aadhaar-PAN. In such a situation, now the Income Tax Department is sending notices to the people who have purchased property. In these, 20 percent TDS has been demanded from the people. Hundreds of such notices have been issued by the IT department.

More than one crore PAN cards have become inactive –

Recently more than one crore PAN cards were deactivated. All of them had not linked their PAN card with Aadhaar. The government had taken this decision to promote the digital economy. Linking of these two cards makes it easier for the government to keep an eye on financial transactions. Therefore, if you are thinking of buying a house or house somewhere in the future, then be a little careful. Be sure to collect information about not only your own but also the PAN and Aadhar card of others.

The post Income tax notice will come even after buying a house, know the rules of Income Tax Department first appeared on Rightsofemployees.com.

Intimation Under Section 143(1): After you file the Income Tax Return (I-T return), the department sends an Intimation Notice. If you pay more or less tax, then in both these circumstances the IT department sends an intimation notice.

Intimation notice is in case of short tax payment to the taxpayer to pay the balance amount and settle the issue. If someone sends an amount more than the tax, then in that case the Income Tax Department refunds the remaining amount in the concerned person’s account.

What to do if intimation notice comes

If you have received an intimation notice and you have paid less tax, deposit the balance amount of tax. So that your monthly salary comes in full and there is no deduction in TDS. For example, if according to your income you had to pay income tax of one lakh rupees, but you have deposited 90 thousand, then you can deposit the remaining amount again. On the other hand, if you have filled more than the fixed amount, then the refund will come to your linked bank account.

What is intimation notice under section 143(1)?

People have to file their income tax return on or before 31st July of the year. After filing the return, the tax department processes the return. During this process the IT department may find various discrepancies, such as data, calculations etc. In such cases the department will send a notice, also known as intimation notice under section 143(1).

This notice is sent to the registered email ID of the tax payer. An SMS is also sent to the registered mobile number informing that the intimation notice has been sent to the registered email ID.

Failure to comply with the intimation notice may harm you

If you do not respond to the notice once the information is received from the IT department, then you may suffer losses such as TDS may be deducted from the salary or less salary may come.

The post Income Tax Notice! Know when and to whom the notice of section 143(1) comes, what to do if it comes first appeared on Rightsofemployees.com.