Deposit in saving a/c more than 10 lac
This query is : Resolved
09 October 2013
if a person received notice from it dep. regarding deposit in saving a/c more than 10 lac and it's source is sale of rural agri. land in adam villege in nagpur what we do in this case because person in bhilai and no purchase record of this land but this land was purchase before 1981 and this notice received in 19/09/2013 and 10 days limit is exp.
09 October 2013
I believe you must be earning atleast more than 1 lakh on bank deposits. Though you may not have any tax liability, you should have filed the tax return.
With respect to the current notice, you may reply to the notice stating that the savings pertain to the agricultural income and that the overall income earned was not taxable (please verify this statement in respect to the facts of your case).
Plus try and get some documents to back up your claim of agriculture income. Normally there are documents available with gram panaychayat etc to evidence that the particular land was farmed or not and who did the farming.
With respect to the current notice, you may reply to the notice stating that the savings pertain to the agricultural income and that the overall income earned was not taxable (please verify this statement in respect to the facts of your case).
Plus try and get some documents to back up your claim of agriculture income. Normally there are documents available with gram panaychayat etc to evidence that the particular land was farmed or not and who did the farming.
09 October 2013
person having salary income of 2-3 lac in this case year f.y 9-10, what we do
09 October 2013
well then you have pending tax liability to pay off!! respond to the notice stating your income. Most probably AO would ask you to file return. pay taxes along with interest.
09 October 2013
person railway emp. and tds dedu. on salary for that year,can we file it return for a.y 10-11 showing this land sale as sale of rural agri. land and what about penalty and one more thing this sale of land sold by four legal hire including his person after exp. of person' father,
and all amount deposited a/c and after divided in among
and all amount deposited a/c and after divided in among
12 October 2013
SIR PLEASE REPLY,
12 October 2013
Since you have already filed the return, you can't revise your return. However, you may get away from for FY 2009-10 as agriculture income won't be taxable. However, if you have no included the interest earned on Fixed deposits, you shall be liable for penalties for concealing income.
Prepare the tax computation for FY 2009-10, calculate penalties under 234A, 234B and 234C. pay any unpaid tax liability. Submit computation along with the revised taxable income working to the AO. In case he/she wishes to penalize you, plead for abating penalty.
Prepare the tax computation for FY 2009-10, calculate penalties under 234A, 234B and 234C. pay any unpaid tax liability. Submit computation along with the revised taxable income working to the AO. In case he/she wishes to penalize you, plead for abating penalty.
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