Cib-403 time deposit exceeding 20000 with banking company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2018 Hi sir,
In this situation the employe has only salary income, regarding to that income he filled itr -1 and he already got a refund.
Later on someone has filled a return relating to same f.y and shown as tax payable 217000.
Now the income tax departments send a notice mentioned that CIB-403 exceeding 200000 with banking company.
Sir in this case what is the procedure to give response to the department

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

11 August 2018 check all the bank accounts of the employee. verify how much cash has been deposited.

Message likes : 1 times

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

11 August 2018 based on what you are able to verify the response needs to be given whether you agree with the notice or not and provide department with relevant records to back your response.

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

15 August 2018 Hi sir, thank you for sharing your knowledge.. F. Y 2016-17 assessee files a return by showing refund and he got that refund.( here taxable income is 49000 only)...
But after that refund , mistakenly filled the return once again by showing taxable income is 1450000 and tax payable is 230000...
In this case we received a notice u/s 143 (1). plz help me out from this case. how to give response to this notice

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

15 August 2018 what does the notice exactly say?

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2018 net tax payable as per notice is 256250.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

16 August 2018 then re-revise the return. most probably it will lead to transfer of the case to the jurisdictional tax officer. At that stage, you will have to explain the earlier mistake to the officer!

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2018 sir a very grateful thank you for your sharing of knowledge and for jet speed reply..

Under what section this case will be revised? If you don't mind plz telk me the process...

Upgrade to CAclubindia Pro. Subscribe Now!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

16 August 2018 you should know that much. get into a habit of reading the basic income-tax act.

Online classes for CA CS CMA