By Admin 
Income Tax Notice: If suddenly a notice from Income Tax Department comes to your house, then there is no need to panic. Nowadays, this has become a very common thing, especially when there is any discrepancy or mismatch in bank transactions, income and tax returns. This matter can be resolved easily if answered correctly. Understand here how-
What could be the main reasons for receiving the notice?
- Giving wrong information in ITR
- Difference between income and bank data
- more cash transactions
- TDS mismatch
- late filing of return
What should be done when income tax notice comes?
1. First read the notice carefully
As soon as you receive the notice, read it carefully. It is written in it as to why the notice has been sent, such as mistake in ITR, income mismatch, or missing any document. Every notice has a section and reason, which is most important to understand.
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2. Check validity of notice
Nowadays fake notices also come out, so first of all check whether the notice is genuine or not. You can check it by visiting the Income Tax Department website or e-filing portal. Take further action only if the notice is genuine.
3. Prepare all documents
To respond to the notice, necessary documents like copy of ITR filing, bank statement, salary slip or income proof, investment documents and TDS certificate are required. Collect all these properly.
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4. Responding on time is most important
There is a fixed time limit for responding to the income tax notice. If you do not respond on time, penalties or further action may be taken. Therefore, please answer online or offline within the stipulated time.
5. If needed, take expert help
If the matter is a bit complex or is not understood, then it is better to take the help of a chartered accountant or tax expert. They help solve the problem by preparing your filing and response correctly. One should not panic when income tax notice comes, rather one should understand it properly and respond on time.