There are a lot of people who have not filed their income tax returns even though they were doing so earlier. The Income tax department is keeping a close watch on these people and for a lot of them notices have been sent out asking why the returns have not been filed.
This can cause an element of panic but it is important to ensure that the right details are provided to the tax authorities and that the required procedure is completed.
Now there are also clear procedures laid out by the tax department how they will proceed with such cases that come under the attention of the monitoring system.
Here are a few points that the tax payers need to be alert about so when faced with this situation it can be tackled effectively.
Tax effort
There are a lot of times when it is not the intention of the tax payer to conceal some information that is behind the non filing of the tax return. The reason behind the action is often laziness or lax effort and an ability to not understand the importance of the situation.
There are a lot of people who just refuse to act and hence they would not file their income tax return saying that they have forgotten to do so. There are others who think that they do not have to pay any tax and hence there is no need for them to actually file a return even though their income is above the taxable limit.
Then there are others who feel that they have a lot of time to file their returns and who actually wait right till the last date before which the return would get time barred before taking any action.
This leads to a position where there is no return that is filed within the stipulated time period. Sometimes even when the details are available there is no effort made to actually file the income tax return.
No return required
There are cases or situations where there is no need to file an income tax return and in such a situation the position has to be clearly outlined to the tax department.
This will ensure that the right facts are available with the tax authorities and they can close the case on their part otherwise there would be further escalation in terms of the steps that would be taken by them in the form of a notice which would lead to more action required on the part of the tax payer.
If there is no return that is required then the conditions for this purpose would also need to be fulfilled and this could be something like income not being above the taxable limit or a person being a non resident and hence no income.
Actual action
One of the first things that the tax department does when they spot a return that needs to be filed is to actually issue a letter that gives a certain time frame usually around 30 days for the return to be filed. If the tax payer has received such a letter then they need to act on this immediately.
Either they have filed the return in which case they can inform the tax department of the details or they can gather the required information and either file the return or show that they do not need to do so.
If this is not done then the tax officer can start proceedings under the income tax act and then this would mean that the problems would start to pile up.
There could be an assessment made without the tax payers side being heard and this can lead to a demand that actually might not have to be paid. This will ensure that it is always better to take the required amount of steps when there is time rather than wait for things to develop further.
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