Listed here are typical reasons taxpayers will get money taxation notice and exactly how they are able to be avoided by them.
1. For delay filing I-T return when you have not filed your return by the due date, you are going to get a reminder notice through the tax division. You obtain this notice ahead of the end regarding the evaluation 12 months which is why the return is born.
Saraswathi Kasturirangan, Partner, Deloitte India stated that filing income income tax return in which the person has taxable income is 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 returns to prevent penalties. “nevertheless, a notice under section 142(1 i that is)( might be granted needing the taxpayer to furnish the return if you don’t filed in the deadline,” she stated.
You will have to pay a late filing fee if you do not file your return by the due. Hence, 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. Continue reading “Main reasons why you might get yourself a notice through the tax division”