We have received a notice from IT department regarding non filing of it return for f. Y. 14-15. Reason showing cib-403. Assessee is a house wife having no source of income. Is it necessary to reply to this notice. What happens if we did not reply.
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178054 Points)
Replied 11 November 2017
CIB 403 :: Investment in Fixed Deposit Or Time Deposit exceeding Rs. 2,00,000/-
" Assessee is a house wife having no source of income. Is it necessary to reply to this notice."
It is always better to reply the notice by filling ITR with some source of the amount deposited in FD/TD. Non-filing of ITR may attract penalties and also has severe consequences.
if there is no taxable income then there is no need to pay tax (or) file income tax return. You are only requested to furnish your response in the compliance module on the e-filing income tax portal. You can respond to the notice online.
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