Income Tax Notice
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There can be numerous reasons for a taxpayer to receive an Income tax notice and thus, understanding the same will help in handling the situation in the best possible manner. At Setup Bizz, professionals will help you and guide you for better understanding.
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Income Tax Notice
There can be numerous reasons for the Income Tax Department to send notices related to income tax like not filing Income tax, there can be a defect in your filing of the income tax, or if the Income Tax department needs some information regarding your income or your filing.
A taxpayer shouldn’t be scared or surprised when receiving a notice from the Income Tax Department. At Setup Bizz there are tax experts who will help you to understand the particulars of the notice and advise you in complying with the tax notice that you have received.
Types of Income Tax Notice
- Intimation Notice – Section 143(1)
This type of notice is an intimation that is sent by the Income-tax department after filing the Income tax return by the taxpayer. This intimation is sent for seeking response if there are certain errors/inconsistencies in the Income-tax return filed. - Inquiry Notice – 142(1)
When this type of notice arrives, the taxpayer is asked to furnish the details and all the documents required by the assessing officer in the Income Tax department. The main purpose of this notice is to notify the assesse that your return has been picked for scrutiny. - Defective Return Notice – 139(1)
This type of notice is issued if the income tax return filed does not contain all necessary information or incorrect information. This type of notice should be rectified within 15 days if issued. - Scrutiny Notice – 143(2)
This type of notice is issued when a taxpayer has filed the income tax return but the tax officer is not satisfied with the details of the return filed. Then the tax officer will ask the taxpayers who received the notice for a detailed and will have to submit additional information. - Demand Notice Notice – 156
This type of income tax notice is issued by the Assessing Officer of the Income Tax Department which demands for any tax, interest, penalty, fine, or other sums to be payable by the taxpayer.
Standard Other Registrations or Licences We Provide
PAN Registration
A PAN or Permanent Account Number is an important document all taxpayers must possess, as mandated in the Income Tax Act of 1961.
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Trademark Registration
A trademark is a unique symbol or word(s) used to represent a business or its products. Once registered, that same symbol or series of words cannot be used by any other organisation, forever, as long as it remains in use and proper paperwork and fees are paid.
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Shops & Commercial Establishment Registration
Shop act registration is to be taken compulsorily to start business establishment. Details of personal employed are to be given on yearly basis.
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Professional Tax Registration
Professional Tax Registration is levied by Municipal Corporations of various states in India. People who carry the profession such as CA (Chartered Accountant), Lawyers, Doctors, Business Owners etc need to pay these taxes. The owner of a business is responsible to deduct professional tax from the salaries of its employees.
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Udyog Aadhar (MSME) Registration
MSME Registration helps you to receive payment on time from large companies as they have to pay MSME Vendor within 45 days. Plus, you get benefit at the time of taking a loan in form of concessional rate of interest.
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GST Registration
Any person or entity supplying goods or services in India above the aggregate turnover limit (INR 20L for Service and INR 40L for Goods) is mandatorily required to obtain GST registration. For certain businesses such as Interstate Supply, E-Commerce Operators registration under GST is mandatory irrespective of turnover limit.
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TAN Registration
The Tax Deduction and Collection Account Number (TAN) is required for people who are deducting or collecting tax at source. Anyone paying a salary or commission is required to get a TAN.
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FSSAI Registration
Every food business operator (FBO) involved in the manufacturing, processing, storage distribution and sale of food products must compulsorily obtain FSSAI Registration or License. FSSAI Registration is different from FSSAI License in the sense that depending on the size and nature of the business, FBO should obtain the necessary registration or license.
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