An individual can receive a tax notice for a variety of reasons. Here is what the notices under different sections mean
|131 (1A)||Assessing officer has reason to suspect that income has been concealed.|
|133a||For survey or scrutiny of accounts|
|142||For not filing income tax return.|
For scrutiny of accounts and documents in support of the return filed by taxpayer.
|143(1)||For adjustment or additional tax demand if an error or incorrect information is detected in the return filed by taxpayer.|
|143(2)||For regular assessment after detailed inquiry by assessing officer.|
|148||For reassessment if assessing officer believes some income has escaped assessment.|
|156||For dues (tax, interest, penalty, fine or any other sum) payable by the assessee.|
Penalties for various Tax Offences
- Late Filing of Returns
If you file your ITR after the due date but before 31st December, a penalty of Rs. 5,000 will be levied. For returns filed after 31st December, the penalty will be Rs. 10,000. For those whose total income does not exceed Rs. 5 lakh, the maximum penalty for delay will be Rs. 1,000.
- Under-Reporting of Income
50% of the tax payable on the under-reported income will have to be paid as penalty.
- Misreported Income
200% of the tax payable on the misreported income will have to be paid as penalty.