Friday, December 15, 2023

Tax Compliance with Confidence: A Chartered Accountant's Guide to Responding to Income Tax Notices

Introduction:

Receiving an Income Tax notice for non-filing during the Financial Year 2022-23 can be perplexing, but fear not! This advisory is your compass to ensure a positive response, ward off penalties, and, most importantly, secure the expert guidance of a Chartered Accountant for a seamless resolution.

Unveiling the Communication: Discover why the Income Tax Department is seeking your attention, shedding light on financial transactions related to your PAN (Permanent Account Number) XXXXX6113X for FY 2022-23, and the absence of your Income Tax Return for the Assessment Year 2023-24.

Empowering Steps to Take:

  1. LOGIN to Compliance Portal:

    • Embark on your compliance journey at https://www.incometax.gov.in.
    • Navigate to the "Pending Actions" tab and embark on your tax adventure by clicking on "Compliance Portal."
  2. VIEW Information Details:

    • Uncover the details in the e-Campaign tab under 'Non Filers.'
  3. UPLOAD Return:

    • Dive into the Compliance Portal, locate 'Non Filers,' and respond under 'Preliminary Response' and 'Feedback on AIS.'

Unlock the Power of a Chartered Accountant:

  1. Expert Guidance:

    • Entrust your tax woes to a Chartered Accountant for their adept interpretation of complex financial nuances.
  2. Risk Mitigation:

    • Let a professional guide you through the process, minimizing risks associated with penalties and defaults.
  3. Ensuring Accuracy:

    • Harness the expertise to review your financial information, ensuring accuracy and reducing the chance of errors.

Crafting Your Response with Professional Assistance:

  1. Collaborate with your Chartered Accountant:

    • Share the notice and pertinent details for a comprehensive understanding.
  2. Preliminary Response:

    • Your Chartered Accountant navigates the response, selecting the most fitting option and ensuring a smooth submission.
  3. Feedback on Information:

    • Provide feedback on AIS, with your Chartered Accountant guiding you through response options for accuracy.

Setting the Deadline: The last date for filing the Income Tax return for Assessment Year 2023-24 (relating to FY 2022-23) is 31st December 2023.

Curtailing Consequences: Failure to respond may trigger proceedings under the Income Tax Act, 1961, leading to penalties and defaults.

Seeking Assistance in Style:

  • Join forces with your Chartered Accountant for tailored assistance.
  • Explore user guides and FAQs in the "Resources" section of the Compliance Portal.
  • Dial the Toll-free number: 1800 103 4215 (9:30 a.m. - 6:00 p.m., Monday to Friday).
  • Utilize 'Contact Us' or 'Raise/View Ticket Status' options in the Compliance Portal's Help section.

Embark on this tax adventure confidently, armed with professional guidance, ensuring a smooth sail through the compliance seas