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How To Avoid Income Tax Notice
31st July, being the due date to file ITR for AY 2018-19 is approaching soon. It becomes even more crucial for us to know “How to avoid Income Tax Notice”. Form 26AS has some really important information which you need to disclose in your return of income. A glimpse of all such vital details has been briefed below
- TDS Details
Form 26AS has details of all your TDS deducted from different sources during the year. Analyzing 26AS will enable you to claim refund for any excess TDS so paid. The claim for refund can be made while filing your return of income for the financial year 2017-18. Any discrepancy in the TDS details reflected in 26AS and that disclosed in ITR may attract you income tax notice.
- Details of Advance Tax
If you have made any payments during the financial year towards advance tax, the same can be traced through Form 26AS. Make sure you make a proper disclosure of the same while furnishing return of income. The same can lessen your chances of receiving income tax notice.
- High Value Transaction Information
Banks and Financial Institutions send periodic information relating of any high value transaction you make. And, this information needs to be reported in annual ITR. Non disclosure of the same will lead to discrepancy in your Form 26AS and ITR filed, which can consequently result in inviting a income tax notice.
- Review Form 26AS Appropriately
Studying Form 26AS, helps you disclose all relevant information at the time of filing Income Tax Return. Apart from the details mentioned above, other important information include interest earned on last year's refund, which actually forms part of your other sources income. To avoid chances of receiving income tax notice one must take all necessary steps to review form 26AS appropriately.
- Return Filing is must if your Income Exceeds 2.5 Lacs
It is mandatory to furnish your income tax return if your annual income exceeds ? 2.5 Lacs. Non filing of ITR this case can attract you a income tax notice from the tax department.
Income tax notice can be received because of non disclosure or inappropriate disclosure of your income. If you want to know about various types of Income Tax Notices, refer to our guide.
In case, you have received any notice or wants to make sure not to receive any in future, contact our e-CA's now!! Happy Filing ????