Quick guide on IT Notices, and reasons to issue such. Updated per AY 2020-21
We see substantial raise in #IT #Tax #Notice related inquiries during the 1st two weeks in Aug 2019, 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.
Three types of notices can be sent under section 143(1)
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