Compliance for a.y. 2013-14

This query is : Resolved

Abhishek Roy Choudhury (Querist)
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28 October 2015 Dear Sir/Madam,
An assesse aged about 68 years had sold a land amounting to Rs. 12.00 Lacs in May'2012 relating to A.Y. 2013-14 which falls under long term capital gain and he had deposited that money in savings bank account in that year and not filed any income tax return and not invested that money in any capital gain bonds and now in Oct'2015 income tax department has sent him a notice stating that he has deposited cash of Rs.10.00 lacs or more in Savings bank account and as per there records he has not filed IT return and IT department mentioned to file a compliance in the E-Filing Portal for non filing of Return.

So please explain what will he write in the compliance module and which option should be selected because department told to file it within 20 days on receiving the notice.

Please give your suggestion as early as you can because he is quited tensed as to how to cope up with the situation now. Your suggestion can help him a lot, so please reply.

Thanks,
Abhishek Roy Choudhury.

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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28 October 2015 Not to worry in the first place. IT dept gets information from Banks where in there are cash deposits aggregating to Rs 10 laks or more in Savings accounts and they call for compliance. Assessee has to explain it. First make sure whether any capital gains on transfer of that asset arise or not. If yes, pay tax for that Asst year and file return. If there is no tax liabilitu, then give reply in compliance that no taxable income.

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