Latest News :- Union Budget 2019 Highlights

No need to go to Income Tax office-Faceless Assessment in Electronic Form

Notices

Did you receive tax notice? Let us help you respond to the IT Department.

- Tax2win has expertise in responding to Income Tax Department

- Our experts would help you avoid legal consequences by assisting in responding accurately.

Frequently Asked Questions

Q- What does the code EXC 001 mean in income tax return notice?

EXC -001 means that you have done a transactions which is beyond that permission of Income Tax Act. It is for cash transactions exceeding INR 10 lakh in a month


Q- Does a salaried person gets an income tax department notice?

Yes, salaried person also gets income tax notice. The notice u/s 143(1) is an intimation which is sent by ITD to every taxpayer.However, you can receive other income tax notices if IT has reasons to believe that income has been concealed by you or on any other grounds.


Q- How do I know if I got a notice from the income tax department? Where can I check any notices related to the taxes I get?

If any notice has been issued by ITD , then it will be delivered at your registered address by post.You can check notices received by you through income tax portal but remember not all the notices can be checked through portal, for all notices enquiry, you can visit ITD and ask your query there.


Q- Do I get income tax notice for current account transactions?

Ans: Yes, income tax department can issue notices for current account transactions as well, if it has a reason to do so.


Q- What is the communication of proposed adjustment u/s 143(1)(a) of the Income Tax Act, 1961?

Ans: The communication of proposed adjustment u/s 143(1)(a) of the Income Tax Act, 1961 refers to any information by the department that they are proposing some adjustment against refund claimed by you in income tax return. Such adjustment could be in respect of any outstanding demand of previous assessment years.


Q- How can I rectify the discrepancy received in u/s 143(1)?

Ans: The Income Tax Department issued discrepancy in notice u/s 143(1) and i discrepancy can be favourable or not.If any demand raised is correct then pay the same.If any refund is of INR 100 or more then IT will pay you certainly.
If any mistake is apparent from record, you can file rectification u/s154(1) correcting mistakes: Click on ‘e-file’, and choose the ‘Rectification’ option from the drop down list.


Q- For how long after I file tax returns should I be prepared for any kind of scrutiny or assessment notice from the Income Tax Department?

Ans: A notice u/s 143(2) for scrutiny assessment can only be issued upto a period of six months from the end of the financial year in which the return was furnished by you.


CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.