If the undisclosed income is more than Rs 50 lakh in the assessment year 2018-19 or subsequent years, then a notice can be sent to the taxpayers from the IT department under sections 148A and 148. If you have also received a notice from the IT department, then know what to do?
- File return on time with fully disclosed income and avoid fines and penalties.
- First verify your notice online at https://eportal.incometax.gov.in/iec/foservices/#/pre-login/authenticate-notice-issued-by-itd
- Reply to notice within stipulated time period given alongwith required documents and attachments.
- Maintain transparency by keeping digital documents and reviewing your tax returns regularly to reduce risks.
- If you feel that the notice has been issued wrongly, then while replying to the notice, attach your necessary documents and submit and present your case. In such a situation, you can ask the Income Tax Department to reopen the case and take professional’s advise to represent your case.
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