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: ........"
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.
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.
CAclubindia
