Notice regarding time deposit more than rs. 2,00,000/-.

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2017 my brother has business income in FY 2014-15 and also received interest income. He has filed ITR 4S in FEB. 2017 of FY 2014-15 and in ITR He shows business income and income from other soures i.e. Interest from FDR. But on 27/5/2017 he got a notice from IT department regarding time deposit more than Rs. 2,00,000/-. He also made a deposit of Rs. 5,00,000/- in FY 2014-15. When he Filed ITR For FY 2014-15, then why he got notice from IT department ? Please tell me what reply should be given to IT department in this regard?

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)

28 May 2017 The notice is generated for the deposits made by him from the data collected from Bank. Log into your brother's account with IT department portal on "incometaxindiaefiling" and there under compliances tab, you can find this data. There are options out of which you have to select the sources for this deposit of Rs.2,00,000/-. You can choose one among those.as you have already filed ITR you can give the filing details also.

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