I file my return and pay taxes thereon every year. For 2016-17, I paid advance tax of Rs 1.3 lakhs in ITR V when the total tax computed on my income was Rs. 51000. Now I have received a notice from the Income tax department stating a demand of Rs 72000. I have no idea how to respond, is there any one who can help me out? Will I be forced to pay the remainder? Will there be any penalties or fines?
Jan. 19, 2018