Quick guide on IT Notices, and reasons to issue such. Updated per AY 2018-2019
We see substantial raise in #IT #Tax #Notice related inquiries during the 1st two weeks in Jul 2017, hence this post to advise Tax Payers in handling the IT Notices.
Most important thing when you get an IT notice is not to ignore it, as of today, pretty much everything is linked with Aadhaar, PAN, Bank Accounts, Digital Wallets, Mobile Numbers. Income Tax department is getting smarter day-by-day towards a sophisticated, well connected tax system.
Notice under Section 142(1) is usually served to call upon documents and details from the tax payers.