Reasons of Income Tax Notice: The Income Tax Department has released the ITR Form for the financial year 2021-2022. The form has been issued for different income and category wise. This year ITR forms are already filled. In such a situation, people will have to match this form only with the 26AS form. The department has set a deadline for people to file ITR forms by 31 July 2022.
Many times people make some mistakes while filing Income Tax Return. In such a situation, later you can get into big trouble. You may get a notice from the Income Tax Department. While filling the form, keep in mind that hiding any kind of information or giving wrong information can be harmful for you. We are going to tell you about the mistakes that you should avoid doing. Otherwise you may get Income Tax Notice later.
Income tax notice may come for hiding these information-
1. Provide information about selling the property
If you have sold a property in the financial year 2021-2022, then you must share this information while filing the Income Tax Form. Failure to do so may result in a notice from the Income Tax Department. Apart from this, if you do any kind of renovation in the house, it is necessary to give this information while filling the ITR form. Through this information, information about your Capital Gains is available.
2. People getting pension have to tell their category
While filling the ITR form, pensioners must make their category. If you have retired from the post of central employee, then you have to choose the option of CG. At the same time, the retired employee from the state will have to choose the PSU. If you do not choose the right category, you can get a notice from the Income Tax Department.
3. The correct cost will have to be told on buying the property
If you have bought a new property this year, then you must fill the exact value of it in the ITR form. This gives information about your correct capital gains.
4. Give information about the interest received on the PF account
Also, in the ITR form, if you get more than Rs 2.5 lakh interest in the PF account, then in such a situation you will have to share the interest information in the ITR form. This interest amount is going to come under the tax net.
5. Give information about foreign assets
If you have bought any property abroad, then in such a situation you will also have to give information about this property. It is also very important to give the details of earning abroad. Along with this, B must also give the information of the property sold.