How to avoid an IT notice
Sitting at your desk, sipping some black coffee, you casually browse through your inbox just to be startled by an email from income tax department about an IT NOTICE !!
And from here my friend, starts the 5 stages of an IT notice.
Stage 1 — Denial
‘But…but…I had just filed my IT return, even wasted my weekend’s precious 20 minutes verifying that ITR-V… I can’t get an IT notice.’
Stage 2 — Anger
Cursing under breath…. ‘They have already deducted tax from my income and now they want me to pay more tax. This is harassment’.
Stage 3 — Bargaining
‘What if I ignore it… I am after all just a salaried person.. not not some businessman.’
Stage 4 — Depression
When, even a happy hour on a Friday evening cannot cheer you up because of that freaking IT notice.
Stage 5 — Acceptance
You make peace with it and login to www.finfriday.com and let your Friday help you resolve it ;)
Well, though Friday is always there to help you with an IT notice, keeping the following in mind will help you avoid getting one-
- Check you Form 26AS. The golden rule of thumb. Be sure to declare all the incomes and taxes reflected in this record.
- You cannot claim benefit of your salary components like food coupon, medical reimbursement etc directly while filing your return. You will have to submit the proofs to your employer and claim the benefit. (Exception to this is house rent allowance H.R.A)
- Double check the information entered in the IT return like amount of tax deducted, TAN, challan details etc. Any mismatch will result in an IT notice.
- In case there is any additional tax payable, pay it before filing the return and enter the challan details in the return.
Got any queries around IT notices or income tax ? Feel free to ask Friday.
