A notice from the Income Tax Department can invite troubles for you and ignoring it can prove to be very expensive. Also, if you try to hide or conceal the income it can be troublesome. Under Section 271, you can be penalised for failing to respond to certain notices and if found guilty of concealing income.
Let us learn in detail about the provisions of the Income Tax Act and the penalties attached to it.
The penalty under Section 271(1)(b) is imposed where an assessee fails to comply with the any of the notice issued under Section 115WD(2), Section 115WE(2), Section 142(1) or Section 143(2) or a direction under Section 142(2A).
The penalty under Section 271(1)(c) is received where there are sufficient causes to believe that there is a concealment or inaccurate furnishing of particulars of income or fringe benefits on the part of the assessee.
[ Read: Tax Evasion Penalties and Prosecutions ]
If you ignore an Income Tax notice, the tax department can levy penalties on you. Therefore, it is important to file your tax return accurately and respond to the notices properly. Outsourcing these tasks to the experts is also not a bad idea. This is where we come into the picture. You can either use our intuitive tax filing platform to easily file your tax return or let our tax experts file it for you. We have a team of in-house tax experts who can file your tax returns accurately while giving you maximum tax benefits. Also, you can reach us to get your tax notices expertly handled.