Real Income Tax Notice Cases in Noida
Case 1: Stock Market Income Mismatch
Problem: A Noida-based IT professional received an income tax notice under Section 143(1) due to mismatch between declared income and AIS data related to stock trading.
Analysis: On reviewing AIS and broker statements, it was found that certain short-term capital gains were not properly reported in the ITR.
Solution: The response was prepared with corrected income details and supporting documents, and submitted within the deadline through the Income Tax portal.
Outcome: The notice was resolved successfully without penalty or further scrutiny.
Case 2: Freelancer Income Underreporting
Problem: A freelancer received a notice for underreporting income due to mismatch in Form 26AS and bank transactions.
Analysis: Income from multiple clients was partially missed during filing.
Solution: Revised calculations and supporting documents were submitted with a proper explanation.
Outcome: The case was closed without additional tax demand.