Wednesday, 30 May 2018

Information About Types of Income Tax Notices

Types of Income Tax Notices. Tax Notices Some common Sections of the Income Tax Act on tax notices and why you may receive them. Section 142(1), 143(1), 143(2), 143(3), 147, and 139(9) Details are here.
Types of Income Tax Notices:

142(1)-Section:
Return not submitted within due date or before the end of the relevant assessment year.

143(1)-Section:
Successful processing of the return. Arithmetical error, incorrect claim disallowance of loss and deduction claimed.

143(2)-Section:
Scrutiny notice seeking documents to ensure there is no underreporting of income, tax evasion or excess deduction claimed in return.

143(3)-Section:
Detailed assessment or scrutiny assessment: detailed scrutiny of the return of income to confirm the correctness and genuineness of various claims, deductions, etc. made by the taxpayer.

147-Section:
Reassessment order if taxman feels some income has not been assessed.
139 (9)-Section: 
Defective return: Return is not filled properly, columns in the form are left blank and so on List is not exhaustive.

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