AFTER RETIREMENT SFT TRANSACTION

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This query is : Resolved

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A pensioner who retired in 2020 received an Income Tax Department notice for non-filing of returns, despite their income being below the taxable limit. This was triggered by a large retirement amount withdrawal and deposit into a post office scheme, flagged as an SFT transaction. The advice is to respond to the Annual Information Statement (AIS) rather than filing a full Income Tax Return, providing proof of the transaction and explaining the circumstances.

raghavendra b

raghavendra b (Querist)
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24 December 2022 DEAR SIR,

ONE OF MY CLIENT RETIRED IN THE YEAR OF 2020. NOW HE IS PENSIONER BUT HE RECEIVED ONE MESSEGE FROM INCOME TAX DEPARTMENT NON FILING OF INCOME TAX RETURN. ACTUALLY HE IS NOT LIABLE FILE INCOME TAX RETURNS. HIS TOTAL SALARY FOR THE YEAR DOES NOT EXCEED RS. 250000/-. BUT HE WITHDRAW HIS ENTIRE RETIREMENT AMOUNT FROM BANK OF RS. 17,90000/- TO DEPOSITED TO POST OFFICE FOR HIGHER INTEREST RATES.
NOW HE RECEIVED MESSAGE FROM ITD TO FILE INCOME TAX RETURNS THROUGH SFT TRANSACTION REQUIRED TO FILE INCOME TAX RETURN.
NOW HE SHOULD FILE INCOME TAX RETURN OR RESPONSE IN ANNUAL INFORMATION STATEMENT IN PRELIMINARY RESPONSE.

PLEASE GUIDE ME

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2022 No need to file ITR as income below taxable limit.
You can reply for if any notice received from income tax.

raghavendra b

raghavendra b (Querist)
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25 December 2022 thank you for your kind reply sir,

but it is showing in the pending for response in ANNUAL INFORMATION SYSTEM. ONLY TEXT MESSAGE RECEIEVED NOTICE NOT SERVED MANUALLY OR BY THROUGH MAIL.

THANK YOU SIR,.
REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 December 2022 If possible respond to AIS retirement exempt income deposit.

raghavendra b

raghavendra b (Querist)
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25 December 2022 THANK YOU FOR YOUR REPLIES SIR,

ACTUALL FACT IS THAT THE RETIREMENT AMOUNT WANTED TO DEPOSIT IN POST OFFICE ANY SCHEME FOR HIGHER INTEREST RATE. INSTEAD OF NEW BANK CHEQUE HAD GIVEN OLD CHEQUE TO THE POST OFFICE BUT THE CHEQUE HAD BEEN RETURNED BECAUSE OF THE CHEQUE IS OLD. THE AGENT OF THE POST OFFICE WRONGLY ADVISED TO HIM IS THERE NO PROBLEM WITHDRAW THE ENTIRE AMOUNT AND DEPOSIT TO THE POST OFFICE. BUT THE POST OFFICE PEOPLE WERE ALSO NOT AWARED HIM AND ALSO HE DID NOT TAKE ANY KIND OF SUGGESTION FROM US. NOW THE PROBLEM IS ARISED.

DEAR SIR, WE COULD REPLY TO ITD AS THE ASSESSEE MADE MISTAKES WERE WRONGLY ADIVSED. SO KINDLY ACCEPT OUR RESPONSE AS THE FACT DID SO HAPPENED.

THERE IS OTHER ANY INCOME EXCEPT THE RETIREMENT AMOUNT CREDITED TO HIS ACCOUNT.

KIDLY REPLY SIR,

THANK YOU

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 December 2022 Attache proff of cash withdrawal and cash deposit no problem, IT department will accept it.
Bank statement will help.
No need to worry such deposit allowed.

raghavendra b

raghavendra b (Querist)
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25 December 2022 THANK YOU FOR YOUR KIND REPLY SIR

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2022 You are welcome.......

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