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A notice under Section 142(1) of the Income Tax Act, 1961, is sent by the Assessing Officer when additional information or documents are required before completing your income tax assessment. It may be issued whether a return has been filed or not, and is meant to verify income details, deductions, or transactions. Receiving this notice does not always imply an error or wrongdoing; it’s often a standard verification step to ensure accuracy and compliance with tax laws. Table

Section 148A of the Income Tax Act, 1961, introduced through the Finance Act, 2021, redefined how reassessment proceedings are initiated by ensuring fairness, transparency, and accountability. Before issuing a reassessment notice under Section 148 , the Assessing Officer must conduct an inquiry, verify evidence, and offer the taxpayer an opportunity to respond. This change strengthens taxpayer protection, ensuring no reassessment is initiated arbitrarily and that income disc

Filing Income Tax Returns (ITR)  can be a complex process, especially when dealing with specific sources of income, such as interest income. Interest income, whether from savings accounts, fixed deposits, or bonds, must be accurately reported to ensure tax compliance. Misreporting or underreporting interest income can lead to penalties, scrutiny, and delays in processing refunds. This section explores the key aspects of reporting interest income, how to stay updated with TDS

Section 142(1) notice  of the Income Tax Act grants the Income Tax Department the authority to issue notices to taxpayers for various reasons, primarily when they fail to file their Income Tax Returns (ITR) or fail to respond to earlier notices. A Section 142(1) notice serves as a formal communication from the tax authorities, prompting the taxpayer to submit their ITR, respond to a query, or provide additional information necessary for the completion of their tax assessment.

Receiving a notice under Section 143(2) of the Income Tax Act  can be an overwhelming experience for taxpayers. This notice indicates that the Income Tax Department is scrutinizing the information provided in your Income Tax Return (ITR) for a particular financial year. The scrutiny is typically aimed at verifying whether the income reported, deductions claimed, or tax calculations are correct and in compliance with the law. While receiving such a notice may cause anxiety, it

Section 245 of the Income Tax Act, 1961, allows the Income Tax Department to adjust any refund due to a taxpayer against pending tax demands from previous years. When the department identifies such outstanding dues, it sends a formal intimation under Section 245 specifying the amount to be adjusted and the assessment years concerned. Timely understanding and response to this intimation are crucial, as failure to act may result in automatic adjustment of refunds without recour

Receiving an income tax notice with incorrect details can create confusion and delays in refunds or adjustments. The Income Tax Act 1961...

Section 131 of the Income Tax Act, 1961, empowers tax authorities with extensive powers of inquiry to ensure accurate tax reporting and...

Receiving an income tax notice for cash deposits can be unsettling, but it is usually a standard compliance measure by the Income Tax...

When receiving an income tax notice, timely and accurate submission of the required documents is crucial to resolve queries effectively....