Process for Received Income Tax Notice

There are following steps involved in Received Income Tax Notice:-

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Step. 1    Drafting of Reply :

We shall draft the initial reply to the income tax notice received

Step. 2    Submission of Reply :

We shall submit reply alongwith necessary documents

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Basic

₹199/ month

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Pro

₹399/ month

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Enterprise

₹899/ month

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FAQ's

1. What is the income tax return rules?
  • Individuals whose taxable income exceeds the maximum amount not chargeable to tax are eligible for income tax return. The basic exemption limit for FY 2019-20 is Rs 3 lakh for senior citizens (aged between 60 and 80 years), Rs 5 lakh for super senior citizens (aged 80 years or more), and Rs 2.5 lakh for others.
2. What are the documents required for ITR?
  • Choosing the applicable ITR form. Taxpayers have to choose the ITR form applicable to them.
  • Link Aadhaar with PAN.
  • Documents related to interest income.
  • Form 26AS.
  • Section 80 Investments.
  • Documents Required Claiming the Following Expenses as Deductions.
  • Other Investment Documents.
3. What is the Difference between ITR-1 and ITR-2?
  • ITR-1 is for a person with an income of up to Rs. 50 lakh whereas ITR-2 is for income earned from more than one source like Income from Salary/Pension; or. Income from House Property; or. Income from Capital Gains; or. Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
4. What happens if I don’t file ITR?
  • If the taxpayer fails to file the ITR by the due date then penalty interest at the rate of 1% per month is levied on the outstanding tax.
5. What is the difference between financial year and assessment year?
  • Financial year is the actual year for which you file your return and assessment year is the following year of financial year. Example – if the financial year is 2020-21 then the assessment year will be 2021-22.
6. What is form 26AS?
  • Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. It also reflects details of advance tax/self-assessment tax, and high-value transactions entered into by the taxpayer.
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