taxes applicable for most common investments in India<\/a>. We cover everything from fixed deposit to stock markets to real estate.<\/p><\/div><\/div>\n\n\n\nTax Notice Section 234(F)<\/h2>\n\n\n\n
This is the new section introduced in Budget 2017 and applicable from assessment year of 2018-19. According to this the tax payer would have to pay a fine of Rs 5,000 if the tax return is not filed by due date. In case the tax return is not filed even by December 31, the penalty would increase to Rs 10,000. However for income up to Rs 5 Lakh the fine would not exceed Rs 1,000.<\/p>\n\n\n\n
Time Limit to Serve the Notice:<\/strong> NA<\/p>\n\n\n\nTime Limit to respond:<\/strong> NA<\/p>\n\n\n\nWhat to Do?<\/strong><\/p>\n\n\n\nFrom next year file your returns on time!<\/p>\n\n\n\n
We hope a brief review of all tax notices would help you to be better prepared in case you receive it<\/strong>. Do not panic and consult an expert in case of any issues!<\/p>\n","protected":false},"excerpt":{"rendered":"Once the ITR is submitted and verified by the tax payer, the department goes through every return in automated\/manual fashion to check if everything was correct and matches with the data available with them. 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