Is there an investment opportunity in PSP Projects shares?
Is this the right time to invest in the shares of PSP Projects, a company that does construction work for the government and corporate India? How much benefit will there be from investing in this stock? What targets are experts giving regarding this stock? Watch this video to know-
Have you received a notice from the income tax department under section 143(2)? You may be uncertain whether or not you are required to accept the notice in the first place. Even if you do, you may be at a loss for how to reply. You must understand that various notices indicate various things when it comes to tax. Continue reading to learn what a notification under section 143(2) is and other pertinent information:
Understanding notice u/s 143(2)
When the income tax department discovers minor or significant discrepancies in your income tax returns, a notice under Section 143(2) will be issued. Differences can occur as a result of under-or over-reporting income or losses. The notice is provided to ensure that you have not made any type of tax underpaid.
Things you should know
-You may receive a notice in the form of a PDF by email at the address you have registered. Additionally, it will be delivered to the postal address.
-The assessing officer cannot issue a notice under section 143(2) if you have not submitted returns for the financial year. He must first issue a notice pursuant to section 142(1), requesting that you file returns.
-He must first issue a notice pursuant to section 142(1), requesting that you file returns.
-While you get a notification under section 143(2), you must present any documentation that supports the deductions, exemptions, allowances, reliefs, and other claims made when submitting the returns.
-You must submit documentation for all of your sources of income.
-The assessing officer conducts a thorough investigation.
How does this work?
-You have filed your income tax return.
-The assessing officer issues a notice pursuant to Section 143(2).
-You and/or your tax representative will present your reasons to the assessing officer and provide any relevant documents or declarations.
After considering all submissions, a final ruling u/s 143(3) regarding the tax payable or refund receivable will be issued.
What if you do not respond?
-You cannot dismiss the notice. If you fail to respond to the department within the specified time frame, you may be subject to a penalty of Rs 10,000 per failure to respond under Section 272A.
Under Section 144, the assessment officer may close the assessment based on his information and best judgment.
-Consider increasing your taxable income, which will result in a bigger tax and penalty liability on your part.
-If you choose to challenge the increased tax demand, you must pay a minimum of 20% of the tax payable prior to filing an appeal with higher authorities.
-It may result in prosecution and, if guilty, imprisonment.