Income Tax Notice and Assessment



Income Tax return Notice and Assessment

As per the new mandate, If Income is greater than 5 lakh, Income Tax returns are to be filed online. The Income Tax Department is now getting active and sending Notices to all those defaulters. Getting an Income Tax notice could mean some time there is an arithmetical error, incorrect claim or many more reasons.

Type of Income Tax Notices:

Income tax notice u/s 142 (1) - Notices are sent when an income tax return is not been filed within a given Financial Year. You can be asked to produce a document in support of your return being filed. Read the Income Tax notice to know what is being asked and what all is requirement by Income Tax Department.

Income tax notice u/s 143 (1) - It could mean there is some calculation error. Two types of notices can be sent under section 143 (1) - i) intimation where the notice is to be simply considered as final assessment of your returns since the assessing officer has found the return filed by you to be matching with his computation under section 143 (1) or ii) notice of demand where the officer's computation shows shortfall in your income tax payment for the said financial year. Notice will ask under paid tax which is due within a time specified in the notice. Processing under section 143 (1) would make you eligible for a refund in which case you might get paid through a cheque.

Income tax notice u/s 143 (2) - Notice under section 143(2) means your return has been selected for detailed scrutiny by an Assessing Officer. Notice might ask you to produce documents in support of your deductions, exemption, allowances or reliefs claim of loss you have made and provide proof of all your sources of income in a financial year. This is different from other notice of inquiry before assessment under section 142 (1). This usually happens if an Assessing officer believes that income has been understated or certain claims of a deduction, an exemption not applicable to you in the financial year.

Income tax notice u/s 148 - If the Assessing Officer believes some income might have escaped assessment he can issue a notice under section 148 asking you to file returns for the relevant Assessment year or financial year. He might ask you to efile return for the purpose of your reassessment. In case of an income which has been escaped under an assessment is Rs 1 lakh or less notice u/s can be sent within 4 years of the end of the relevant assessment year / Financial Year. In case of an income is been escaped for more than Rs 1 lakh then such notice can be sent to you within 6 years.

Income tax notice u/s 156 - Also called as a demand notice where the Assessing officer finds you owning tax money, penalty, fine or interest based on an Income Tax Law act.

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