Omprakash Jain      Taxations No Comments

143(2) Notice Income Tax

Have you received a notice from the Income Tax Department regarding Limited Scrutiny under Section 143(2) for your equity trades , house sale , credit card spend , increase in capital etc…

The IT  department wants further information  & supporting regarding transactions which are selected through AIR returns filed by stock exchange, registrars , banks , financial institutes. Don’t ignore the Notice once received and try to comply in full manner.

The officer can ask information on brief profile , income details , assets & liabilities. He can also ask information on how tax has been computed. This year IT department has become IT friendly wherein they have made a provision for E Assessment where we can submit the information by email also. To take help of financial doctor who will help in complying the law.

There is no need to fear from IT department if we are disciplined , compliance oriented. It will be new experience where in we need to invest time to explain the financial things.



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