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Taxpayers not responding to ITR intimations may end up paying 200% penalty - here's what to do
axpayers may receive intimation from the income tax department if there is any discrepancy in the amount of deduction mentioned in Form 16 and the filed income tax return ITR Such intimations get auto generated and taxpayers may not know how to react to it No response to these ITR notices could lead to a penalty of up to 200 percent of the amount of tax payable on underreported income in this case experts said For starters a taxpayer should know that this is just a gentle reminder and in case the deductions claimed by the taxpayers are correct they should log in to the efiling portal and submit a response regarding the correctness of such claims within 15 days of receipt of such emailsintimations said Yeeshu Sehgal Head of Tax Markets AKM Global a tax and consulting firm #tax Source:- CNBCTV18
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