Blog

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.

 

Regards

Be the first to post a comment.

Add a comment

Income Tax Calculator
TDS Calculator
Advance Tax Calculator
Tax Law & Rules
ABOUT US

“TAX IQ, the an accounting firm has Network in India, has its presence in Bangalore & Mumbai. TAX IQ offers "One Stop" Tax Compliance services in Direct and Indirect Taxes. It gives its services to all segments of people, from individuals , firms, companies etcc. who enjoy the unique one stop window for all their Tax Compliance Services.“

Read More
FOLLOW US ON SOCIAL
Our shared views on equity trading on Z-connect

Any equity trading related tax queries, please click here