<\/span><\/h2>\n\n\n\nThe message was relate to cryptocurrency (crypto) transactions.<\/p>\n\n\n\n
IT department has observed transactions in virtual digital assets and in the message says that TDS 1% was already deducted, but you have not yet declare these transactions in your ITR<\/strong>.<\/p>\n\n\n\nThe text message was not a threat but its a reminder. A chance to correct his ITR under Section 139(8A) before it was too late.<\/p>\n\n\n\n
<\/span>IT Department’s New Way of Tax Communication<\/span><\/h2>\n\n\n\nThe IT Department has moved on from traditional letters that took weeks to arrive by post.<\/p>\n\n\n\n
Now, they are sending messages and alerts directly to your phone – faster and more efficient with the rise of AI.<\/p>\n\n\n\n
<\/span>Points To Remember<\/span><\/h2>\n\n\n\n\nIf you sell crypto and provide PAN, 1% TDS is deducted by the buyer.<\/li>\n\n\n\n For example: <\/strong>If you sell Bitcoin worth \u20b91,50,000, you will get \u20b91,48,500 after tax.<\/li>\n\n\n\nAs per Section 194S, crypto sales must be declared in the “VDA Schedule” of your ITR.<\/li>\n\n\n\n Even if TDS is paid, if you don\u2019t mention it in your return, you may get a message from the department.<\/li>\n\n\n\n You can use AIS, TIS, and Form 26AS to check what the department sees.<\/li>\n\n\n\n You have now 4 years to correct an ITR, but:<\/li>\n\n\n\n If delayed, you may have to pay 25% to 70% extra as penalty.<\/li>\n<\/ul>\n\n\n\n<\/span>Overview – Types of Income Tax Notices You May Receive<\/span><\/h2>\n\n\n\n<\/span>Notice Under Section 133(6)<\/span><\/h3>\n\n\n\nThe IT Department may issue notices u\/s 133(6) if they found any discrepancy between the information in your Income Tax Return and the data in the Annual Information Statement (AIS).<\/p>\n\n\n\n
<\/span>Reasons for receiving notice under section 133(6)<\/span><\/h4>\n\n\n\n\nITR not filed despite having income above the basic exemption limit.<\/li>\n<\/ul>\n\n\n\n\nIncorrectly reported taxable income such as salary, capital gains etc in ITR.<\/li>\n<\/ul>\n\n\n\n<\/span>Notice Under Section 142(1)<\/span><\/h3>\n\n\n\nThis notice may be issued when assessing officer needs more information or documents to verify it even if you have filed your return. Notice u\/s 142(1) may be issued officer requires you to file your IT Return when you have not filed it.<\/p>\n\n\n\n
<\/span>Consequences of Ignoring Notice Under Section 142(1)<\/span><\/h4>\n\n\n\n\nA penalty of Rs 10,000 for each failure.<\/li>\n<\/ul>\n\n\n\n\nProsecution that may extend up to 1 year.<\/li>\n<\/ul>\n\n\n\n<\/span>Intimation Under Section 143(1)<\/span><\/h3>\n\n\n\nOnce filing income tax returns, the Central Processing Centre (CPC) processes them and issues an intimation under Section 143(1). This can result in:<\/p>\n\n\n\n
\nOutstanding tax liability that needs to be paid.<\/li>\n<\/ul>\n\n\n\n\nA refund being determined.<\/li>\n<\/ul>\n\n\n\n\nNo refund or demand but an adjustment in the declared loss.<\/li>\n<\/ul>\n\n\n\n<\/span>Reasons for receiving this notices<\/span><\/h4>\n\n\n\n\nIncorrect details reported<\/li>\n<\/ul>\n\n\n\n\nArithmetical error in the ITR<\/li>\n<\/ul>\n\n\n\n\nIncorrect claims like excess expenditure or loss.<\/li>\n<\/ul>\n\n\n\n<\/span>Time Period of letter<\/span><\/h4>\n\n\n\nIntimations must be issued within nine months from the end of the year in which the return was filed. Example: for AY 2023-24 time limit is 31st Dec 2024.<\/p>\n\n\n\n
<\/span>Notice Under Section 143(2)<\/span><\/h3>\n\n\n\nNotice Under Section 143(2) is issued only when your return has been selected for scrutiny. The reason includes:<\/p>\n\n\n\n
\nHuge losses.<\/li>\n<\/ul>\n\n\n\n\nHuge income tax refund.<\/li>\n<\/ul>\n\n\n\n\nLarge exempt income like agricultural income.<\/li>\n<\/ul>\n\n\n\n\nExcessive cash deposited buy ITR not filed.<\/li>\n<\/ul>\n\n\n\n<\/span>Time limit to Respond<\/span><\/h4>\n\n\n\nYou must respond to the questionnaire and provide the required documents within three months after the assessment year.<\/p>\n\n\n\n
<\/span>Notice Under Section 148<\/span><\/h3>\n\n\n\nAn assessing officer can issue a notice under Section 148 if they believe you have not disclosed your income correctly, resulting to lower taxes, or if you have failed to file your return when required.<\/p>\n\n\n\n
<\/span>FAQs<\/span><\/h2>\n\n\n\nWhat happens if we get an income tax notice?<\/strong> When you income tax notice from the department first read the notice carefully, gather the necessary documents, and try to respond within the deadline.<\/p> <\/div>
What is the penalty for non compliance of 133(6) notice?<\/strong> If you fails to respond notice within the specified time then a penalty amounting 10,000 will be imposed.<\/p> <\/div>
What are the common errors that make a return Defective?<\/strong> Some common mistakes are:
Income Tax Notice is sent by the Income Tax Department to taxpayers informing about discrepancies or issues related to your […]<\/p>\n","protected":false},"author":5,"featured_media":443,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"\r\n
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Claimed TDS credit but fail to report the corresponding income.<br\/>2. Mismatch in Gross Receipts.<br\/>3. Incorrect income reporting.<br\/>4. The name in Income Tax Return does not match the name as per the PAN database.<br\/>5. 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