Income tax notice
Querist : Anonymous
I am a senior citizen I filed my Income tax return on 20th July.2014 for the assessment year 2014-2015 wherein my Gross Total income was shown Rs. 26581 ( commission Income form LiCI ) for Tds refund claiming . But at the time of return filing I inadvertently selected the option foreign transaction ( 94A) as yes and actually I had not any such foreign transaction it was a silly mistake. Now I.T department noticed me to disclose regarding foreign transaction and all other income. Then I replied by writing a letter that I had not any such transaction.
and I also honestly declared all the undisclosed Income such my pension income montly Rs. 1284 X 12 = 15408/- and F.D Interest Rs. 19688, S.B Intt. 5330/- and Gratuity rs. 100000/- ( deposited in my pass book ) .
After adding all the come ( commission + pension + F.D interest ) = 26581+15408+19688 = 61677 it is fully non-taxable Income .
(a) Now my question is whether I have to pay 10% of undisclosed income
( 15408+19688 )= 35096 *10/100= 3510 + Intt. as per section 271AAA.
(b) 30% of 35096 = 10528 + Intt. as per section 271AAB ?
(c) S.B. Interest rs 5330/- and gratuity rs. 100000/- will be included in total undisclosed Income ?
I shall remain grate to expat who will contribute his valuable knowledge to me and advice me how handle this situation ?
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
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Querist : Anonymous
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