The Income Tax Department has launched a drive to ensure greater tax compliance. Thousands of taxpayers are being served notices. The tax authorities now have an integrated database on taxpayers and can track all financial transactions.
So care must be taken while filing the Income Tax return to avoid getting Notices from the department.
The most common mistakes which attract IT Notices are:
1.Not Quoting PAN or quoting incorrect PAN
2.Not verifying TDS Credit with Form 26AS
3.Expenses & investments higher than Income Declared
4.Not filing Return for income > 2 lakh
5.Not declaring salary received from previous employer
6.Misusing Forms 15G and 15H
7.Not declaring interest on deposits and savings
8.Not responding to the notices from Tax Department