Received a notice
from IT department?
Let experts help you in responding to the department.
How It Works
Its simple, quick and convenient. See below how it would work.
don’t want tax notice?
Avoid Below Transactions
Cash Deposit in Bank
If a savings account holder deposits more than ₹1 lakh in one's savings account, or a current account holders deposits more than ₹50 lakh , then the income tax department may send income tax notice.
Credit Card Bill Payment
While paying credit card bill, one should not cross ₹1 lakh limit. Violation of this cash limit in credit card bill payment doesn't go well with the Income Tax Department.
Bank FD (fixed deposit)
Cash deposit in bank FD is allowed but it should not go beyond ₹10 lakh. Violation of this ₹10 lakh limit may catch department's attention
Mutual fund/stock market
People investing in mutual funds, stocks, bond or debenture must ensure that its cash infusion in the above mentioned investment options doesn't go beyond ₹10 lakh limit.
Real estate
While buying or selling a property, one must make not make cash transaction above ₹30 lakhs, as income tax department discourages cash transaction beyond this limit in real estate deal.
Non Filing of ITR
The IT department may serve you notice if you haven't filed your IT Return and data with the department shows that you may have taxable income beyond the exemption limit.
Faq
Most Popular
Questions
Notice under Section 142(1) is issued:
- when a taxpayer fails to submit the Income Tax Return
- for producing documents/ accounts as required by Income Tax officer
- requiring the taxpayer to furnish in writing information as the Income Tax officer may require.
Any notice issue under Section 142(1), Section 143(2), Section 148, etc. should be properly replied and well within the time allowed by the Income Tax officer. Non reply may attract imposition of penalty.
If Income Tax Return has been filed by you, Income Tax authority may issue notice under Section 143(2) if he considers it necessary to ensure that the taxpayer has not understated his income or has not computed excessive loss or has not made under payment of tax.
The process of response is online and is known as Faceless E-assessment.
In case the issue escalates and lead to tax demand and requires appeal to the commissioner or tribunal, our CA with help to handle this till the end. The fee would however be variable as per the complexity of the case.