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ITR Filing FY 2021-22: Received Notice from Income Tax on Claiming Refund? Do this immediately to avoid

Navi Mumbai: The last date for filing income tax returns was July 31. Now the Income Tax payers are being scrutinized by the department and refunds are being issued by the department to those whose TDS has been deducted in the last financial year. Some taxpayers may have received refunds. But some have received notice from Income Tax Department. A problem arises when income and tax are miscalculated.

Scrutiny of the IT department and how returns are obtained

Let us tell you that this time the Income Tax Department is scrutinizing returns through artificial intelligence-based software. Based on that notice is being given to the taxpayer. Notice may arise if multiple claims are made simultaneously under different sections of the Income Tax Act. In this case, the taxpayer has to verify or amend the ITR.

Penalties up to 200 per cent!

Under Section 80G of Income Tax, you get tax relief on various expenses. Small businesses or taxpayers claiming exemption under this section are getting more notices. Charitable funds and relief funds come under this ambit. In such a situation, be it, salaried class or business class, if the calculation of tax and income is wrong, a notice may be issued by the Income Tax Department. Penalties of up to 200 per cent can be levied as action in the event of a breach.

This has to be done if the notice comes

If you have received a notice from the Income Tax Department, first collect the documents shown as an investment. Based on these documents, amend the ITR filing within 15 days of receiving the notice. If a salaried employee, it should match the deduction shown in Form-16. Reconcile all the deductions given in Form 26AS in your ITR. TDS amount should be the same in Form 16 and Form 26AS. If you see any discrepancies in the form, ask your company to correct them.

Regards

Santosh Patil

9769201316

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