Now your small mistake can also be heavy, know who is in the eyes of the department

News India Live, Digital Desk: Income Tax Notice: These three words are enough to create concern in the mind of any common man. Now this concern is going to increase even more, because the Income Tax Department has become more strict and smart than ever. Now the department has a keen eye on every small and big earnings and expenses.

If you think that the department does not know about all your transactions, then you are making a big mistake. Let us know who is the highest risk of getting notice and how it can be avoided.

Who is the highest risk of getting notice?

The Income Tax Department is now working completely on technology. Your AIS (Annual Information Statement) I record every financial information in you. If there is a slight difference between your ITR and AIS, then the notice is almost certain.

1. Income lowers: If your actual income (salary, interest, commission etc.) is more visible in AIS, but you have shown it less in ITR, then you will be seen in the department.

2. ITRs not filed: Many people think that if their company has cut TDS then there is no need to fill ITR. This is a big mistake. If your income comes under tax, then it is mandatory to file ITR, otherwise the notice will come.

3. Large transactions hiding: If you have bought or sold a big property, have made a big investment in the stock market, or have deposited a hefty amount in the bank and have not shown it in ITR, then you can get into trouble.

4. Big difference in expenditure and income: If your credit card bill is in millions, but you show very little your income, then the department can ask you the source of this difference.

5. TDS and income disturbances: If TDS is more cut in your form 26AS, but you have not announced your income according to that, then notice can also come.

How to avoid income tax notice?

Caution is the biggest rescue. By taking care of some things, you can avoid the mess of notice:

• Be sure to check your AIS and Form 26AS before filling ITR. This is a government book of your earnings.

• Give correct information of all your income (salary, rent, interest, benefit from investment etc.). Do not hide anything.

• Keep a record of all major financial transactions and show them in the right place in ITR.

• Always file your ITR before the last date.

What to do if the notice comes?

First of all, do not panic. Read the notice carefully and understand what he is about. Please answer it within the given time given in the notice. If you do not understand, do not hesitate to seek the help of a professional (like CA).

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