Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.
Income Tax Audit
Tax Audit is mandatory under section 44AB of the Income Tax Act, 1961. Every person carrying on business with total sales or turnover exceeds INR. 1 Crore and by carrying on the profession and his gross receipts from profession exceeds INR. 50 Lakhs, in the previous year, is liable to get his Tax Audit done by a Chartered Accountant mandatorily.
Income Tax Notice
When a tax payer files the income tax return to the department, then after the submission of the return, then the department process the return and at that time department may issues various type of notice to the tax payer, which may be sometimes in the form of Intimation or may be some time in the form of scrutiny. There is always a reason for the notices.