Air notice

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Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2013 dear Sir,
one of my client receive notice from income tax department on AIR transaction.
he invest 2 lac in mutual fund of icici pru.
But he not filed AIR, nor he mentioned this in income tax return f.y.2009-2010.
now sir plz suggest how can i help him.
what points should i put in front of concerned officer,

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 January 2013 If the notice issued based on the AIR, then you need to explain the source of income for the particular mutual funds deposits and it should be offered for Income tax also. if not the same will be treated as un accounted income and taxed

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Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2013 dear sir,
if one have agriculture income and from other sources his income is rs. 1 lac, then is he liable to file ITR? he invested rs 5 lac on account of mutual fund.
thanks.

anurag

anurag (Expert)
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18 January 2013 u can explain it to department, better to contact a CA practicing near u.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 January 2013 Since your income is Rs.1 lakh less than the taxable limit so no need of file the Income tax return. but here the question is the source of Income for investing Rs.5 lakh in to mutual funds that need to be explained

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