An Expert Assisted Income Tax Filing
SALARY INCOME
The Plan Covers Income From
SALARY, HOUSE PROPERTY INCOME/(LOSS)
The Plan Covers Income From
SALARY, HOUSE PROPERTY INCOME/(LOSS)
The Plan Covers Income From
SALARY, HOUSE PROPERTY INCOME/(LOSS), CAPITAL GAIN
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Income Tax Notice
Services Covered
The Income Tax Department sends the notices for various reasons like not filing the income tax returns, any defect while filing the returns, or other instances where the tax department is requiring any additional documents or information Nothing is frightening or alarming about the notice that is received. But the taxpayer has to first understand the notice, the nature of the notice, the requestor's order in the notice, and take steps to comply.
| Type of Notice | Description |
|---|---|
| Notice u/s 143(1) - Intimation | This is one of the most commonly received income tax notices. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in an income tax return that was filed.If an individual wants to revise the return after receiving this notice, it must be done within 15 days.Else, the tax return will be processed after making the necessary adjustments mentioned in the 143(1) tax notice. |
| Notice u/s 142(1) - Inquiry | This notice is addressed to the assessee when the return is already filed and further details and documents are required from the assessee to complete the process.This notice can also be sent to necessitate a taxpayer to provide additional documents and information. |
| Notice u/s 139(1) - Defective Return | An income tax notice under Section 139(1) would be issued if the income tax return filed does not contain all necessary information or incorrect information.If tax notice under Section 139(1) is issued, you should rectify the defect in the return within 15 days. |
| Notice u/s 143(2) - Scrutiny | An income tax notice under Section 143(2) is issued if the tax officer was not satisfied with the documents and information that was submitted by the taxpayer.Taxpayers who receive notice under Section 142(2) have been selected for detailed scrutiny by the Income Tax department and will have to submit additional information. |
| Notice u/s 156 - Demand Notice | This type of income tax notice is issued by the Income Tax Department when any tax, interest, fine, or any other sum is owed by the taxpayer.All demand tax notice will stipulate the sum which is outstanding and due from the taxpayer. |
| Notice Under Section 245 | If the officer has reason to believe that tax has not been paid for the previous years and he wants to set off the current year's refund against that demand, a notice u/s 245 can be issued.However, the adjustment of demand and refund could be done only if the individual has been provided proper notice and an opportunity to be heard. The recipient has to respond to the notice is 30 days from the day of receipt of the notice.If the individual does not respond within the specified timeline, the assessing officer can consider this as consent and proceed with the assessment.Therefore, it is advisable to respond to the notice at the earliest. |
| Notice Under Section 148 | The officer may have a reason to believe that you have not disclosed your income correctly and therefore, you have paid lower taxes.Or the individual may not have filed his return at all, even if you must have filed it as per law. This is termed as income escaping assessment. Under these circumstances, the assessing officer is entitled to assess or reassess the income, according to the case.Before making such an assessment or reassessment, the assessing officer should serve a notice to the assessee asking him to furnish his return of income.The notice issued for this purpose is issued under the provisions of Section 148. |
Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and Circulars issued by the Central Board of Direct Taxes (CBDT), annual Finance Acts, and judicial pronouncements by the Supreme and high courts.
The government taxes certain income of individuals, Hindu Undivided Families (HUF’s), companies, firms, LLPs, associations, bodies, local authorities and any other juridical person. Personal tax depends on residential status. The CBDT administers the Income Tax Department, which is part of the Ministry of Finance’s Department of Revenue. Income tax is a key source of government funding.
Our aim at Filing house is to simplify your financial lives and make Income Tax easy for you.
Previous year or financial year is the year in which you have earned the income. It starts from 1st April of calendar year and ends on 31st March of the next calendar year. The Assesses is required to calculate and plan taxes for the financial year but the income tax return is to be filed in the next financial year or Assessment year. No matter when you start your job or business, your tax year closes on 31st March every year.
Assessment year means the year in which income earned by you in a particular financial year is taxed. Assessment year is the year in which you will file your return for the previous year. Assessment year is the year just succeeding the Financial Year. For example, if you start your job on 1 January 2021, your tax year closes on 31 March 2021. 2020-21 is your previous year and your Assessment Year is 2021-22.
| Income from Salary | Salary, Allowances, Leave encashment etc. Basically all the money you receive while rendering your job as a result of your employment agreement. |
| Income from House Property | Income from house or building. The house or building may be owned and self-occupied or may be let out. |
| Income from Capital Gain | Any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. |
| Income from Business or Profession | Income or loss that arises as a result of carrying on a business or profession. |
| Income from Other Sources | Income that includes all receipts that cannot otherwise be classified under any of the other heads of income. |
Income tax deductions are tax-free expenses made during the year, which are then subtracted from one’s gross annual income at the time of filing tax returns. Your income or salary structure consists of several components which can help you save on taxes by way of deductions and exemptions.
Sum of all heads of income = Gross Annual Income
Gross Annual Income – Deductions = Taxable Income
The more you make use of the deductions allowed, the lower your tax shall be. Deductions are allowed under section 80 of the Income Tax Act (Section 80C to 80U).
TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department. The company or person that makes the payment after deducting TDS is called the deductor and the company or person receiving the payment is called the deductee. It is the deductor’s responsibility to deduct TDS before making the payment and deposit the same with the government. TDS is deducted irrespective of the mode of payment–cash, cheque or credit–and is linked to the PAN of the deductor.
On your Taxable Income or Total Income, tax slabs or rates are applied and final tax payable is calculated. From this tax payable, you can reduce all the TDS that has already been deducted.