It notice
This query is : Resolved
29 February 2016
I got I.Tax notice for a particular transaction of f.yr 12-13.
where i have to inform for a particular transaction of my bank acc (of rs 2 lacs.)
where as such entry actually belongs to f.yr 13-14
what rply i shld prvd and how ??
29 February 2016
You have to reply to the notice explaining the transaction. If your reply states that the said transaction does not belong to FY 2012 - 13, you will have to state to which year it belongs. You will disclose it belongs to FT 2013 - 14. The Department will then issue you a fresh notice.
You should in your reply state the transaction does not pertain to FY 2012 - 13 but to FY 2013 - 14. "However, as desired, I am clarifying the transaction and providing the explanation as under: ........"
This is the best course of action.
You should in your reply state the transaction does not pertain to FY 2012 - 13 but to FY 2013 - 14. "However, as desired, I am clarifying the transaction and providing the explanation as under: ........"
This is the best course of action.
29 February 2016
sir , i have to declare the source of transaction of rs 2 lacs if dept again reissue letter ???
currently i hvnt paid any IT return for any year
29 February 2016
Is there any close relative who is a taxpayer paying 40 / 50K IT per year. By close relatives I mean, father, uncle, mother, aunt, brother or sister.And was the sum deposited in cash or by cheque, if by cheque then my suggestion will not work, else you received gifts from these relatives which you have deposited into the bank. Otherwise gifts in excess of Rs.50,000/- is subject to Income Tax.
In case my idea is not applicable, pay the IT with interest for A.y 2014 - 15 and if the assessment is not completed revise your ITR. In either case, you will avoid the penalty.
In case my idea is not applicable, pay the IT with interest for A.y 2014 - 15 and if the assessment is not completed revise your ITR. In either case, you will avoid the penalty.
29 February 2016
deposited by cash sir,and no such type of rltvs...
if i smply tell the IT tht it blngs to othr fnncl yr thn thy will agn ask the rply frm.me ??
29 February 2016
I think the Department may not be satisfied by your reply. but you can gain time by giving the reply that this transaction does not pertain to FY 2012 - 13. You may be lucky, if the department ignores the query in FY 2013 - 14. You may take a chance and keep your fingers crossed - but you will definitely have gained some time to take a final decision, considering all the pros and cons.
02 March 2016
shall i have to submit the hard copy of compliance in ito office also ???
02 August 2024
To address the Income Tax notice for the transaction of ₹2 lakhs in the financial year 2012-13, where the entry actually belongs to the financial year 2013-14, follow these steps:
### 1. **Responding to the Notice**
**1.1 Identify the Notice Type:**
- **Nature of the Notice:** Determine whether the notice is for a discrepancy, income not reported, or something else.
- **Section of the Income Tax Act:** Check the section under which the notice has been issued (e.g., Section 142(1), 143(2), etc.).
**1.2 Prepare Your Response:**
- **Clarify the Financial Year:** Clearly state that the transaction of ₹2 lakhs pertains to FY 2013-14, not FY 2012-13.
- **Provide Evidence:** If possible, provide supporting documents that show the transaction belongs to FY 2013-14. This may include bank statements, transaction receipts, or any relevant documentation.
**Sample Response:**
```plaintext
Date: [Insert Date]
To
The Income Tax Officer,
[Your Jurisdictional ITO's Address]
Subject: Response to Notice for Transaction in FY 2012-13
Dear Sir/Madam,
I have received your notice regarding the transaction of ₹2,00,000 in my bank account for the financial year 2012-13. I would like to clarify that this transaction actually pertains to the financial year 2013-14.
Please find enclosed the relevant documents, including bank statements and transaction details, which substantiate that this entry should be considered under FY 2013-14.
I kindly request you to review the documents and consider the transaction for the appropriate financial year.
Thank you for your attention to this matter.
Sincerely,
[Your Name]
[Your PAN]
[Your Address]
```
### 2. **Handling Reissued Letters**
**2.1 If the Department Reissues the Letter:**
- **Provide Updated Information:** If you receive a reissued letter, ensure to provide any additional information or clarification requested.
- **State Clearly:** Reiterate that the transaction belongs to FY 2013-14 and provide any new supporting documents if available.
### 3. **Tax Return Filing and Compliance**
**3.1 Filing Returns:**
- **For FY 2012-13:** Since you mentioned not having filed any returns for the relevant years, consider filing the return for FY 2012-13, if you have any other income or deductions to report.
- **For FY 2013-14:** Similarly, ensure that you file your return for FY 2013-14, including the transaction of ₹2 lakhs, and report it accurately.
**3.2 Compliance with Notices:**
- **Submit Hard Copies:** Depending on the instructions in the notice, submit the hard copy of your response and supporting documents to the ITO office. Sometimes, the e-filing portal may also require you to submit physical copies for certain cases.
**3.3 Keep Records:**
- **Maintain Documentation:** Keep copies of all communications, responses, and supporting documents related to the notice for future reference.
### 4. **Possible Outcomes and Follow-Up**
- **Review:** The ITO will review your response and supporting documents. They may either close the case or ask for further information.
- **Further Action:** If further questions arise or if additional notices are received, promptly address them with accurate information.
### Summary
1. **Respond to the notice** with a clear explanation that the ₹2 lakhs transaction pertains to FY 2013-14, not FY 2012-13, and provide supporting documents.
2. **File your tax returns** for both relevant years if not already done.
3. **Submit hard copies** of your response and documents if required by the department.
4. **Maintain records** of all correspondence and documents.
Consulting a tax professional or Chartered Accountant for specific advice and assistance with handling tax notices and compliance may also be beneficial.
### 1. **Responding to the Notice**
**1.1 Identify the Notice Type:**
- **Nature of the Notice:** Determine whether the notice is for a discrepancy, income not reported, or something else.
- **Section of the Income Tax Act:** Check the section under which the notice has been issued (e.g., Section 142(1), 143(2), etc.).
**1.2 Prepare Your Response:**
- **Clarify the Financial Year:** Clearly state that the transaction of ₹2 lakhs pertains to FY 2013-14, not FY 2012-13.
- **Provide Evidence:** If possible, provide supporting documents that show the transaction belongs to FY 2013-14. This may include bank statements, transaction receipts, or any relevant documentation.
**Sample Response:**
```plaintext
Date: [Insert Date]
To
The Income Tax Officer,
[Your Jurisdictional ITO's Address]
Subject: Response to Notice for Transaction in FY 2012-13
Dear Sir/Madam,
I have received your notice regarding the transaction of ₹2,00,000 in my bank account for the financial year 2012-13. I would like to clarify that this transaction actually pertains to the financial year 2013-14.
Please find enclosed the relevant documents, including bank statements and transaction details, which substantiate that this entry should be considered under FY 2013-14.
I kindly request you to review the documents and consider the transaction for the appropriate financial year.
Thank you for your attention to this matter.
Sincerely,
[Your Name]
[Your PAN]
[Your Address]
```
### 2. **Handling Reissued Letters**
**2.1 If the Department Reissues the Letter:**
- **Provide Updated Information:** If you receive a reissued letter, ensure to provide any additional information or clarification requested.
- **State Clearly:** Reiterate that the transaction belongs to FY 2013-14 and provide any new supporting documents if available.
### 3. **Tax Return Filing and Compliance**
**3.1 Filing Returns:**
- **For FY 2012-13:** Since you mentioned not having filed any returns for the relevant years, consider filing the return for FY 2012-13, if you have any other income or deductions to report.
- **For FY 2013-14:** Similarly, ensure that you file your return for FY 2013-14, including the transaction of ₹2 lakhs, and report it accurately.
**3.2 Compliance with Notices:**
- **Submit Hard Copies:** Depending on the instructions in the notice, submit the hard copy of your response and supporting documents to the ITO office. Sometimes, the e-filing portal may also require you to submit physical copies for certain cases.
**3.3 Keep Records:**
- **Maintain Documentation:** Keep copies of all communications, responses, and supporting documents related to the notice for future reference.
### 4. **Possible Outcomes and Follow-Up**
- **Review:** The ITO will review your response and supporting documents. They may either close the case or ask for further information.
- **Further Action:** If further questions arise or if additional notices are received, promptly address them with accurate information.
### Summary
1. **Respond to the notice** with a clear explanation that the ₹2 lakhs transaction pertains to FY 2013-14, not FY 2012-13, and provide supporting documents.
2. **File your tax returns** for both relevant years if not already done.
3. **Submit hard copies** of your response and documents if required by the department.
4. **Maintain records** of all correspondence and documents.
Consulting a tax professional or Chartered Accountant for specific advice and assistance with handling tax notices and compliance may also be beneficial.
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