Income Tax notice issued by the Income Tax Department in case not filling of income tax return before the due date or fails to submit necessary documents or submit incorrect information. Income Tax Department issue notice for calling additional information.
The Income Tax Notice can be issued in both the cases where the return has been filed and where the return has not been filed and the time specified to file such return has expired. This Income tax Notice is issued to the assessee to file an Income tax return if the same is not filed within the time limit specified.
- Not filing IT Return before due date:
If an assessee fails to file IT Return before the due date, then the IT Department issue reminder notice. Assessee gets this notice before the end of the assessment year for which the return is due.
- For non-disclosure of taxable income:
Its responsibility for the assessee to make a disclosure about their taxable income from different sources to the revenue authorities. If assessed fails to disclose then he will get the income tax notice from the income tax department.
- Claim TDS not match with Form 26AS:
If an assessee claim TDS while filing ITR then TDS should be the same as in Form 26AS, Form 16 or 16A. However, there can be several reasons why some details may mismatch. For this reason, assessed get the notice from the IT department.
- For Filling Defective Return:
If assessee fails to file ITR incorrect form, then assessee will receive a defective return notice from the IT Department. Once received assessed will respond within 15 days of receiving notice.
If assessee file incorrect ITR, then assessee may need to file a revised ITR before the due date.
- For setting off refunds against remaining tax payable:
If in case some previous tax dues remained unpaid and assessee claims tax refund, then assessee gets a notice from the IT Department and intimate to the assessee for the pending dues tax-adjusted from the refund of Tax.
If the assessee fails to respond and rectify the return within 15 days of such intimation and nonresponse of notices or reminder of notices, then the return shall be deemed as invalid and the income tax department treats it as the tax return not been filed at all or make the assessment as deemed fit u/s 144 of Income-tax in accordance of information available with income tax department.
Basic Features to Read before starting private limited company
A private company is required to add the word “Private Limited” or “Pvt. Ltd.” to the end of its name. A private company should have at least two members and two directors. The private company has the right to issue debentures to any number of persons.
Features of Public Limited Company
MCA provides the facility for the incorporation of the public limited company. For incorporation, firstly apply for name through RUN (Reserve Unique Name) on the MCA portal. After the availability of name from ROC we should file incorporation form i.e. Spice 32, INC 33(for eMOA), INC 34(for eAOA), .