Frequently Asked Questions
Why salaried person receive IT Notices?
Actually it can be due to various errors and omissions done at the time filing of IT return, Such as
- Not showing other income such as Rent, FD interest
- Showing only one form 16 after a job change
- Not showing Share transactions or investment in MF
- Forget to show income received for one time consulting fees
- Not showing property sale or purchase transactions
The proper return filing is a key to avoid such notices; with advent of technology IT department can find error and omission quite quickly as compared to earlier times. Hence the number of notices has been increased in past few years.
What is Intimation U/s 243(1)? Do I need to take any action?
U/s 243(1) of Income tax act 1961, a mere intimation is sent when income is processed based on information provided by you in the income tax return. It is not a notice per se. In case there is no demand or refund showing in the final calculation sent along with intimation. There is no further action is required.
What is a limited Scrutiny?
When Income tax office want to check only few entries in an Income tax return, then a limited scrutiny order is issued. For example there is a sale of house, which is not reflecting in the IT return filed by you, then a limited scrutiny order can be issued.
Can any tax consultant handle an IT Scrutiny notice?
You need to check if the Consultant who is going to reply for tax notice has handled such notices in past, and what was the outcome. Any Tax consultant who is just having knowledge of tax return filing will not able to handle the scrutiny notices properly. Here at AKT Associates, We have dedicated team lead by an expert CA to handle only scrutiny related cases. Rest assured your case would not be a trial and error for us.
How much time it takes to settle the IT notices?
It actually depends on type of Notice, and level of complexity. Some Notice which has error and omission issues can be settled with one or two reply, if documents and information asked properly supplied. While other which require many information and have multiple non disclosure takes 4-5 times documents submission
What is Notice U/s 143(2) of Income tax Act 1961?
It is also called detailed scrutiny notice. When the return filed by you is not complete or some information is missing for the Purpose of Assessment then
What is Notice U/s 144 of Income tax Act 1961?
Section 144 is also known as Ex Parte Assessment, Or in simple term when you don’t reply to Income Notices or the documents and details asked, then Income Tax officer can do an Assessment and issue a demand notice as per their understanding, without even asking you further. This situation can be worse for you as you are on your back-foot as the next level is go for appeal, Which is costly and time consuming activity for a salaried tax payer.
What is Notice U/s 148 of Income tax Act 1961?
This is also called Re-Assessment or Reopening of old years details, This section is a clear signal that Income Tax officer has in his possession some information which hints that you have purposely hidden or under reported your income. This is issued when even after your filing of return and paying Income tax, your return is not showing true and fair state of your income. This Notice can be issued up to 4 years from the end of year for which Notice has been sent.
How to reply online tax notices?
You need to login into your income tax filing portal www.incomtaxindiaefiling.gov.in with your credentials, Click on Pending for your actions, It will show pending Notice. You need to click on the Notice a tab will open, where you can fill up your response and attach the supporting documents.
Why AKT Associates?
Expertise - That Counts
We are handling more than 1500+ successful clients and providing them with services which covers Legal, Technical, Taxation and other business compliance part. That all says a lot on our ways of working and our expertise in the area.
Experience - That Matters
At AKT associates we have been our client’s obvious choice since more than 20 years. For serving you with the best results we use our experience of decades which has exposed us with deep understand.
Efficiency - That reflects in everything
With a strong team which comprises of experts with qualification like CA, CS, MBA & LLB and they will all available with the wholesome result, with dedicated customer service team and support staff. We are always there to execute your work efficiently.
Cost - That saves a Lot
We touch the top position not just because we are the best in what we do but also because we know the value of your time and money. We know the value of your time so all the work by AKT Associates is performed on time and at around 70% less cost in comparison to all the other leading firms of the market that too without compromising on the quality aspect.
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The services of the firm are performed and delivered by using the cutting edge technology which makes the AKT Associates always available & deliver services right in your email. So it doesn’t matter where you are because we are always at your finger tips.
