The hardest thing to understand in the world is the income tax. The power to tax is the power to destroy through notices.
Do you want to avoid the notices from the Income Tax Department?
You may get worried if you get a notice from the income tax department. You can get a tax notice for many reasons.
A notice does not necessarily mean you have committed a crime. Even a minor error in tax return can invite a notice from the tax department.
These could include not filing income tax return (ITR) on time, calculation errors, not reporting income correctly or even claiming excessive losses.
Tax notices got you feeling blue? Don’t despair! Here are 5 tips to avoid Tax notices: –
- Timely Statutory Compliances
- Accurate Statutory Compliances
- Filing Income Tax Return
- Selling the capital asset at government value
- Reporting the correct value of the asset purchased
More in detail about the above tips in video: