Reply to notice for non pan transaction (fixed deposit)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2016 Hi,

I have got notice from Income tax department stating that in FY 2013-14 i had fixed deposit with one of co-op society without pan number. This is due to fact that its an old account when KYC formalities were not required (PAN was not compulsory for operating bank account)

Unfortunately while filing income tax return , interest received from this deposit was missed out

Now what solution do i have . How to pay tax now & resolve

Please assist

Expert : Anonymous

Expert : Anonymous (Expert)

04 September 2016 Dear user, Kindly take our professional services for it.

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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21 July 2025 Draft Reply for Notice Regarding Non-PAN Transaction (Fixed Deposit Interest)

To,
The Assessing Officer,
[Income Tax Department Address]

Date: [Insert Date]

Subject: Reply to Notice Regarding Fixed Deposit Interest Without PAN – FY 2013-14

Respected Sir/Madam,

I have received your notice regarding the fixed deposit held with [Name of Co-op Society/Bank] during the financial year 2013-14, wherein PAN details were not provided. I would like to submit the following:

The fixed deposit account was opened prior to the implementation of mandatory KYC formalities requiring PAN submission.

Due to this, the PAN details were not updated in the records at that time.

I regret to inform that the interest income earned on this fixed deposit was inadvertently omitted while filing the Income Tax Return for the relevant assessment year.

I am now willing to voluntarily disclose this income and pay the applicable tax along with any interest and penalty, if applicable.

Kindly advise the procedure for making this disclosure and paying the outstanding tax dues. I request you to allow me an opportunity to comply with the tax laws and regularize the matter.

Thanking you,

Yours faithfully,
[Your Name]
[Your PAN]
[Your Address]
[Contact Details]

How to proceed after this:
File a Revised Return (if within time limits) declaring the missed interest income.

If the return filing window is closed, consider filing a Voluntary Disclosure / Income Tax Settlement or respond to the notice with willingness to pay tax.

Pay the due tax along with interest and any penalty as determined by the Assessing Officer.

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