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Filling of Income tax return

Yasir (article assistant ) (470 Points)

14 March 2020

Please suggest me how to I file my ITR I do many many money transfers amounting to Rs 20 Lac and above
I received a notice regarding filling of income tax return

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6 Replies

sabyasachi mukherjee (27642 Points)
Replied 14 March 2020

Yasir

Notice under which section...
then I can tell you.

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Yasir (article assistant ) (470 Points)
Replied 14 March 2020

ध्यान दें (PAN ANNPXXXX8C), वित्तीय वर्ष 2018-19 का आयकर रिटर्न (ITR) दाखिल नहीं करने के लिए आपके PAN को चिह्नित किया गया है। कृपया अपना ITR दाखिल करें या Compliance Portal(CP) पर ऑनलाइन प्रतिक्रिया दर्ज करें। efiling Portal(My Account) पर लॉग-इन कर के Compliance Portal में प्रवेश करें। -आयकर विभाग

Eswar Reddy S (CFO- at NHTF) (58275 Points)
Replied 14 March 2020

Mere money transfer is not a basis to file ITR.

Income Tax Return has to be filed if there is income exceeding 250000/-.

Login to your account and submit a response to complicate..

sabyasachi mukherjee (27642 Points)
Replied 15 March 2020

Transfer of funds has no connection with notice...
If u disclose correctly as income in your returns...

CA Naveen Chand (Chartered Accountant) (12734 Points)
Replied 15 March 2020

transfer of funds is connected to filing of ITR in the following cases :

1. where a person has withdrawn FROM bank account(s) more than Rs. 1 cr in the preceding FY then TDS shall be deducted by the Bank over and above Rs. 1 cr @ 2% u/s 194N

2. where a person deposited in a current account(s) more than Rs. 1 cr in a Bank then in such a case filing of ITR is mandatory .

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sabyasachi mukherjee (27642 Points)
Replied 16 March 2020

@ naveen
this section has been introduced recently.

but yasir

has not mentioned that in his query.

So superfluous information is not to be given to him.
The query has not asked for it.
pls remain within the query.
for business purpose one can withdraw money to the limit specified in the last finance budget 2019..
You can get credit after filing returns .