7 types of Income Tax Notice ITR filers may receive for AY 2023-24

financialexpress.com:

If you have filed Income Tax Return for AY 2023-24, you may receive an Income Tax intimation or notice for several reasons. However, there is no need to worry if you have provided all the correct information to the Income Tax Department while filing ITR. In case, you didn’t, it is recommended to consult a tax professional to carefully draft responses to the notices sent by the Income Tax Department. Here’s a look at six types of income tax notices that taxpayers may receive this year.

According to Dr Suresh Surana, Founder, RSM India, a taxpayer who has furnished his/her return under Section 139 or 142(1) of the Income Tax Act may be issued an intimation under Section 143(1) either accepting the income returned with no discrepancy or with a revised working due to following reasons:

Abhishek Soni, CEO & Co-founder of Tax2win by Fisdom, says the taxpayer may have to provide supporting documents while responding to Income tax Intimation under Section 143(1).

A taxpayer [who has furnished a return under Section 139 or 142(1)] may be served with a notice under Section 143(2) of the Income Tax Act if the assessing officer (AO) considers it necessary or expedient to ensure that the assessee/ taxpayer has not understated the income or has not computed excessive loss or has not underpaid the tax in any manner.

“The AO may vide such notice require the taxpayer either to attend the office of the AO or to produce, any evidence on which the taxpayer may rely in support of the return,” says Dr Surana.

Also Read:Salaried employees are getting income tax notices. Here’s how to respond

You may receive a notice under Section 156 of the IT Act when the assessing officer raises a demand for any tax, interest, penalty, fine, or any other