ITR Refund: The last date for filing an income tax return was July 31. Now the income tax filers are being scrutinized by the department, whose TDS has been deducted in the last financial year, refund is being issued to them by the department. Some taxpayers may have got a refund. But some have got the notice of Income Tax Department. Such a problem occurs when the calculation of income and tax has gone wrong.
Let us tell you that the Income Tax Department
is scrutinizing the returns through Artificial Intelligence based software this time. On this basis, notice is being given to the taxpayer. If several claims are made simultaneously in different sections of the Income Tax Act, then a notice can come. In this case, the taxpayer has to verify or revise the ITR.
Fines up to 200 percent!
Under Section 80G of Income Tax, you get the benefit of tax exemption on different expenses. Small businessmen or taxpayers claiming exemption under this section are getting more notice. Charitable funds, charitable funds, and relief funds come under this purview. In such a situation, be it, salary class or business class, if the calculation of tax and income is wrong, then a notice can be received from the Income Tax Department. A fine of up to 200 percent can be imposed as an action in case of disturbances.
You have to do this work
if you have received a notice from the Income Tax Department, then first of all collect the papers which are shown as investments. On the basis of these documents, revise the ITR filing within 15 days from the date of receipt of the notice. If there are salaried employees, which should be matched with the deduction shown in Form-16. Reconcile all the deductions given in your ITR in Form 26AS. The amount of TDS should be the same in Form 16 and Form 26AS. If any difference is visible in the form, then ask your company to correct it.
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