By now you would have probably received a notification email from your company HR or from your local income tax filing support firm reminding that it’s time to start collecting your investment proof documents for filing the income tax for the current fiscal year.
The details that you file regarding your income, investments and tax exemptions are verified by the income tax department with the details obtained as per your PAN records.
The IT Department, after verification of the documents submitted, can send you a notice seeking clarification on the details provided if they suspect any discrepancy in the proofs submitted for tax evasion.
So please be careful while submitting the details and be honest.
These notices can be sent under various sections of the Income Tax Act, depending on the type of clarification required. Ignoring these notices may lead to paying of a fine apart from the interest on the tax amount due.
Categories: Income Tax, Personal Finance
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