If Assessee has Opted for Lower rate of taxation, then there are Specified forms like 10IE in case of Individuals having business income, 10IC in case of Companies which needs to be filed before filing the ITR, omission of filing of those form results in attracting the Notices from Department
If there is a Mismatch in the TDS reported by the deductor to the authorities and TDS claimed in the Income Tax Return by the Assessee , then a notice is issued u/s 139(9) or 143(1)
To avoid getting notice, before filing the IT return , one should check the TDS report in the form 26AS and ensure that TDS is correctly reported by various deductors and then file the ITR.
Most of the people file their ITR through softwares or through offline wherein the Interest and other late fees will be automatically calculated by the Software itself.There are instances wherein the Interest computed by Software and interest given under Income Tax Notices differs
In order not to get the notice for the above reason one has to update their softwares timely or manually calculate the interest liability for better clarity.
IT Department has introduced the new System in e-filing portal namely Annual Information System and Tax Information System, wherein the department tracks the Transactions entered by an Individual for the assessement Year through their PAN Card.
So before filing your ITR one has to thoroughly crosscheck these two system with your ITR and report in their ITR the High Value Transactions also if any otherwise, there is will be possibility you receive Notice.
If an assessee, whose Income for the AY exceeds Rs 50 Lakhs then the assessee has to disclose the details of Assets and Liabilities in his ITR, otherwise Notice u/s 139(9) will be issued.
Wherein assessee has paid the Self Assessment tax to the credit of Government but incorrectly mentioned/failed to mentioned the details like challan number , BSR code , Amount of tax paid , there are instances wherein assessee has received the IT Notices.
If you have claimed a refund in the ITR on the taxes paid ,but there are still some previous tax dues payable by you , the assessing officer may send you a Intimation u/s 245 adjusting the refund with tax payable.
If assessee has made any Investments in the name of the family members and income earned from Those Investments needs to clubbed in the hands of assessee, if the assessee income is higher than any other family members income.
if you have not shown some/ shown only part of the Income in your ITR , then you may get a notice form the department If they detect the non reporting.
“The information contained herein is only for informational purpose and should not be considered for any particular instance or individual or entity. We have obtained information from publicly available sources, there can be no guarantee that such information is accurate as of the date it is received, or it will continue to be accurate in future. No one should act on such information without obtaining professional advice after thorough examination of situation.”
Prepared On: 21/11/22
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