Income tax notice
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2016
Dear Expat,
I am a senior citizen I filed my Income tax return on 20th July.2014 for the assessment year 2014-2015 wherein my Gross Total income was shown Rs. 26581 ( commission Income form LiCI ) for Tds refund claiming . But at the time of return filing I inadvertently selected the option foreign transaction ( 94A) as yes and actually I had not any such foreign transaction it was a silly mistake. Now I.T department noticed me to disclose regarding foreign transaction and all other income. Then I replied by writing a letter that I had not any such transaction.
and I also honestly declared all the undisclosed Income such my pension income montly Rs. 1284 X 12 = 15408/- and F.D Interest Rs. 19688, S.B Intt. 5330/- and Gratuity rs. 100000/- ( deposited in my pass book ) .
After adding all the come ( commission + pension + F.D interest ) = 26581+15408+19688 = 61677 it is fully non-taxable Income .
(a) Now my question is whether I have to pay 10% of undisclosed income
( 15408+19688 )= 35096 *10/100= 3510 + Intt. as per section 271AAA.
(b) 30% of 35096 = 10528 + Intt. as per section 271AAB ?
(c) S.B. Interest rs 5330/- and gratuity rs. 100000/- will be included in total undisclosed Income ?
I shall remain grate to expat who will contribute his valuable knowledge to me and advice me how handle this situation ?
I am a senior citizen I filed my Income tax return on 20th July.2014 for the assessment year 2014-2015 wherein my Gross Total income was shown Rs. 26581 ( commission Income form LiCI ) for Tds refund claiming . But at the time of return filing I inadvertently selected the option foreign transaction ( 94A) as yes and actually I had not any such foreign transaction it was a silly mistake. Now I.T department noticed me to disclose regarding foreign transaction and all other income. Then I replied by writing a letter that I had not any such transaction.
and I also honestly declared all the undisclosed Income such my pension income montly Rs. 1284 X 12 = 15408/- and F.D Interest Rs. 19688, S.B Intt. 5330/- and Gratuity rs. 100000/- ( deposited in my pass book ) .
After adding all the come ( commission + pension + F.D interest ) = 26581+15408+19688 = 61677 it is fully non-taxable Income .
(a) Now my question is whether I have to pay 10% of undisclosed income
( 15408+19688 )= 35096 *10/100= 3510 + Intt. as per section 271AAA.
(b) 30% of 35096 = 10528 + Intt. as per section 271AAB ?
(c) S.B. Interest rs 5330/- and gratuity rs. 100000/- will be included in total undisclosed Income ?
I shall remain grate to expat who will contribute his valuable knowledge to me and advice me how handle this situation ?
04 May 2016
Can you provide us Copy / Details of Notice? Under which section this Notice has issued? You can email it to us at : info@arssolutions.co.in
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
04 May 2016
After considering the undisclosed income your income is below taxable limit. Hence 271AAA and 271AAB not applicable to you and also exempted income will not be added.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2016
Thank you very much Sir.
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