Received income tax notice? No need to panic, suggest experts

Annual assessment office has gotten very watchful about our spending (both money and advanced). Simply a solitary look at befuddle between the personal expense form (ITR) recorded by the citizen and its spending is sufficient for the annual duty division to slap annual assessment notice to the procuring person. In any case, in the event that we pass by the expense and specialists' perspectives, there is no compelling reason to freeze if the annual duty division has served notice against any procuring person. They said that the annual duty division gives adequate opportunity to the citizen to guard against the notification. 

Talking on the annual expense notice SEBI enrolled assessment and speculation master Jitendra Solanki said, "Personal duty division can slap see on both money and computerized yt. Be that as it may, in the wake of getting the annual assessment notice, one should initially discover the justification personal duty notice. To find that reason, one requirements to sign in to the personal expense gateway and take a gander at the structure 26AS where justification annual duty notice will be referenced." 

Solanki proceeded to add that in the wake of discovering the justification I-T notice, the citizen needs to protect himself by signing in at the annual assessment site and put its complaint on the landing page.

On what ought to be the game-plan if the annual assessment notice is against cash exchange Dr. Suresh Surana, Founder at RSM India said, "There are different limitations or cutoff points forced on cash exchanges which can be completed by the citizens. If there should be an occurrence of infringement of any of the limitations, the annual duty office may give a notification to the citizen assessee, which is by and large done on the web. The income division gathers information identifying with exchanges from the Annual Information Report (AIR) recorded by different outsider associations like common assets, banks, enlistment center of properties, and so on This information is then co-related with the annual expense form and any disparity in both would be featured via notice which might be insinuated to the citizen assessee via SMS or email." 

Dr. Suresh Surana proceeded to add that reaction to such notification can be in the accompanying bit by bit way: 

Stage 1 : Login into the Income Tax entryway by means of https://incometaxindiaefiling.gov.in. 

Stage 2 : Go to the 'e-crusade – High Value Transaction' on the 'Consistence Portal' which can be gotten to through the 'My Accounts' Tab. (likewise allude Page 38 onwards of the connected Compliance Portal User Guide encased for your reference). 

Stage 3 : Taxpayer needs to tap on Financial Year under High Value Transactions after which an enlightening warning message would be shows which is to be managed by basically tapping on "Alright" button. The citizen would then be able to see data Summary.