If you have not filed your income tax returns this year then there is a chance that you will be served income tax notice by the Income Tax Department. It is very important to reply the notice with valid reason and details of proof for not filing ITR.

If you are doing high value transactions then you must file your ITR as income tax department get this information through your Aadhaar or PAN card. These high value transactions can be credit card payment of above Rs. 2 lakhs, depositing huge amount in your bank account, purchasing luxury items, buying movable or immovable property, investing in mutual funds.

If you are earning more than 2.5 lakh in a year then it is mandatory to file income tax returns as per rules of income tax department. In failing to do so there can be serious consequences as the government is trying hard on income tax defaulters after demonetisation to bring transparency in the system.

As we know that income tax filing has been completed for this year and this is the time that income tax department verifying your ITR details.

There is already 25% increase in taxpayers this year which is a result of government’s “Clean Money” drive in India to bring structural changes and promote the corruption-free environment.

There is no reason of not filing your ITR if you do any of the high value transactions mentioned above. There are sections of Income Tax Notices under which you can get notice and it also mentions the reason for getting the notice from Income Tax Department.

These are  different Income Tax Notices which everyone should know before dealing with it:

1. Income Tax Notice for the delay in ITR filing.
2. Income Tax Notice for Defective Return. https://www.trutax.in/blog/income-tax/understand-defective-return-notice
3. Income Tax Notice under Section 143 (1a).
4. Income Tax Notice under Section 143 (1).
5. Income Tax Notice under Section 142 (1).
6. Income Tax Notice under Section 142 (2).
7. Income Tax Notice under Section 148.
8. Income Tax Notice under Section 245.
9. Income Tax Notice under Section 139.

Whatever the income tax notices mentioned above you get from income tax department no need to panic about it and understand the reason for getting the notice so you can deal with it better.

You should send your reply to income tax department with required information as per notice and send all the relevant information, proof, document by mail. This is important to send the reply to Income Tax Notice within given time deadline in order to avoid any future consequences and penalties.

You can even take the assistance of experienced and qualified tax experts so they can guide you better: https://www.trutax.in/askexpert