Dear Sir/Mam, I have this case to discuss nd need your expert advise.
Mrs Radha who is Sr citizen receives SMS mentioning "Based on available information with Income Tax department, it appears that you were required to file ITR for A.Y. 2021-22 but have not filed yet. Please file your ITR or submit online response under e-Campaign tab on Compliance Portal". In FY2021-22,
- she has become a co-owner for a flat with her son worth 1.5Cr even though son is funding is 98-99% of cost. The TDS is being paid by her son of the under construction flat even though in joint name.
- earned 1Lakh in FD interest.
- Sale of Mutual funds worth 2.20 Lakh. But the Sale consideration is only 50,000 post grandfathered earning. .
- Purchase of Mutual funds worth 1.60 Lakh
I think Mrs. Radha is income is within 2.50 Lakh as she has no other income and hence not liable to pay tax. Now for the e-compliance do we give feedback against each of the above requested points. OR just file return and show Rs 0 tax liability. For the property shall she mention Info is partially correct as the flat is in joinr ownership and she has only 1% funding.
Thanks in advance,
Pret
CAclubindia
