Income tax notice
I am a wholeseller and a legal notice has come to submit Income tax return within 10 days. I didn't understand. At present I have no money. Is their is any solution for this?
Generally, they will enquire the source of income for the relevant assessment year and ask for your income tax return. Just try to furnish the documents they demand or explain why it cannot be given. You may approach a Chartered Accountant or an advocate to accompany you.
All the very best.
There is no need to worry, if you are good with paying your income tax returns on time. Show them all the supporting documents in your possession regarding the regular payment of the tax. Consult a tax professional to update your accounts transactions, so that it is made clear that no amount of money is unaccountable in your account.
The notice from the income tax authority should necessarily be responded in the given time frame as mentioned in the notice. Failing which (in case of delay), the assessing officer can impose a fine of a maximum of Rs. 5000 per year and he has the authority to do so. This penalty however, varies as per the discretion of the said officer and is not mandatory. The authority also charges 1% interest per month, on the amount that is left unpaid.
Submit a well drafted reply to the notice received alongwith the requisite documents, providing them with the information of all your money transactions. Income tax notices are a thing to be taken seriously.
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