You must be aware that certain people may soon receive an income tax notice. That doesn’t happen that way; frequently, this notice is issued as a result of human error. Every taxpayer must actually provide accurate information regarding his income while completing an ITR. However, the taxpayer falls under the Income Tax Department’s attention as a result of various errors. The department typically sends you a notification for any of these top five errors:
The Income Tax Department may occasionally send you a notice
As a result of your failure to file an ITR. Filling out your ITR is crucial if your income exceeds the threshold for income tax exemption. You must file your ITR even if you are an Indian citizen with foreign holdings.
Whether you included TDS in your return & where it was included.
You will be notified if there is a payment difference at that location. Always calculate the TDS deduction amount first, and only then should it be included in the return.
Whatever income you receive throughout a fiscal year
Must be reported in your ITR. In ITRs, it happens frequently that people omit information about interest payments made on accounts, FDs, and regular deposits.
Some persons fill out the ITR return incorrectly
and omit important details. If this occurs, the Income Tax Department may issue a notification. You should only file your ITR with an expert as a result.
You can receive a notice from the Income Tax Department.
If there has been a significant transaction in your account or if extra money has been deposited. For instance, if a person earns 5 lakhs per year and deposits 12 lakh rupees into an account in a calendar year, the Income Tax Agency may become aware of this.
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