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1. Get in touch
2. Provide Documents
3. Recieve Tax Liability or Refund Report
4. Pay tax or confirm refund calculation
5. We file your ITR
Received any notice from Income Tax Department?
Is there some error in filing your original return?
Was any additional tax or interest found payable or refundable?
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If any error is discovered after the return has been filed, then such a return can be revised u/s 139(5). Revised Return of Income Tax can be re-filed by an assessee any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. An assessee can revise his returns at any time before the end of the applicable assessment year (e.g., 31st March 2020 for the assessment year 2019-20) or before the conclusion of assessment by the Income-tax department. (whichever is earlier).
A notice from Income Tax Department may make anyone worry, but if you have received an intimation under section 143(1), you don't need to worry as it is just an intimation and not any scrutiny or order by the Income Tax Department. Intimation can be sent in the following three cases: Any tax or interest payable, or If you've refunds from Income Tax Department Where any Adjustments referred to in Section 143(1) have been made resulting in increase or decrease in loss declared by the assessee, and no tax or interest is payable or refundable to the assessee. Intimation under section 143(1) is a system-generated intimation by the computer (CPC) based on any mathematical error or any incorrect tax claim.
If you have received a notice from the Income Tax department stating, Defective return of Income u/s 139(9), It means that the return filed by you is defective and needs to be rectified. CAxpert can guide and manage any issue raised in the notice.
Usually and income tax notice is raised on account of a mismatch between tax payable as per department and the tax actually paid. CAxpert can compute the correct tax liability or refund and help you pay or claim the same.
We suggest that you don't ignore any tax notice received by the Income Tax department. It may result in penalty and prosecution under the Income Tax Act, 1961.
The documents required in case of Income Tax Notice depends on a case to case basis. However, the necessary documents required to reply for any Income Tax Notice would be 1. Tax Notice/ Intimation received from Income Tax Department 2. Form 16 or Multiple Form 16s 3. Form 26AS 4. Details of Tax Challan i.e., Challan 280 (if any) 5. Supporting Documents in respect of notice received.
Any tax paid in excess can be claimed as refund by filing your Income Tax Return. It will be refunded to you by Income Tax department by crediting the refund amount in your bank account through ECS. The department is taking steps to settle the refund amount within 4 months from the month of filing income tax return.
Yes, it is necessary to file income tax return before due date to carry forward the loss sustained in the current financial year for adjustment against the positive income in the subsequent years.
ITR- 5 stands for “Income Tax Verification” Form. ITR 5 is a one-page acknowledgement that you received after filing your Income Tax return so that you can verify that the details provided are correct. You need to take the print out of ITR 5 and send a signed copy of the ITR-5 to CPC Bangalore. To save yourself from this hassle, you can e-verify your returns while filing your Income tax return. An OTP is generated and you need to enter this while filing your ITR.
ITR -1 is the Income Tax Return form applicable for individuals or HUF’s having income from Salary/ Pension, Rental Income from one House Property, Income from other sources (income should be less than Rs 50Lakhs).
ITR-2 is the Income Tax Return form applicable for individuals or HUF’s having income from Capital Gains, Foreign Income, Agricultural Income more than Rs 5000, Income from items in ITR- 1 more than Rs 50 Lakh
ITR-3 Form is the Income Tax Return Form applicable for Individuals and HUFs having income from business or profession and for individuals who are partners in a partnership firm.
Yes, you should file your Income Tax Return because your company maybe deducting a part of your salary but there may still be dues to the government based on your other sources of income. For e.g. you might be trading in shares. There is also a chance that because of certain tax-deductible investments you have made you may get refund which will only be given to you after you file your taxes. Moreover, an income tax return acknowledgement can be used for applying for loans and for visa.
The selection of Income Tax Return for e -filling varies as per the category of Assessee.
You can pay your taxes either online (through netbanking for some banks) or offline Steps to pay online Taxes
Some banks will provide the Challan 280 the next working day while some provide it in a few hours. After paying taxes and generating Challan 280 you need to file your taxes.
Yes, you have to pay income tax if you provide professional services. You can opt for presumptive taxation scheme under Section-44ADA of Income Tax Act if your gross receipts do not exceed Rs 50 Lakhs.
Calculation of refund depends on the taxes already deducting from your income which will reflect in Form 26AS, the tax slab you belong to and the tax-deductible investments made in the year.
You will get your income tax refund in your bank account through ECS after filing your Income Tax Return. You should mention correct bank account number and IFSC code in the ITR form.
If your refund is delayed then you should login to Income Tax site and go to my account and click on Refund / Demand status to know the reason of delay in refund.
Each Taxpayer is taxed differently under the Income Tax Laws. Firms and Companies are taxed at the rate of 30% whereas individuals, HUF’s, AOP and BOI’s are taxed on the basis of Income Tax slabs they fall under.
You should download 26AS from Traces site to know how much tax you have already paid.
Usually tax notices are sent concerning issues in the income tax returns filed by the assessee. Notices can also be sent for initiating scrutiny or for the re-opening of past assessment years. Taxpayers with limited tax knowledge will panic, but instead of panicking the right course of action should be taken to understand the reason for the notice accordingly.
Different Income Tax notices that may be issued by the Income Tax Department are 1.Notice u/s 143(1) – Intimation (Scheme of Processing of Returns) 2.Notice u/s 139(9) – Defective Income Tax Return 3. Notice u/s 143(2) – Scrutiny Assessment Notice 4. Notice u/s 142(1) – Inquiry Before Assessment 5. Notice u/s 156 – Demand Notice. 6. Notice u/s 148 – Service of Notice where Income has Escaped Assessment. 7. Notice u/s 245 – Intimation to set off Demand and Refunds.
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