Compliance

department want to know to know source of your income 

u have  term deposit exceeding 200000 

u have  paid paid Interest to  Co -Op society

cash transaction exceeding 10 lakh

Below are some of the information’s collected by compliance management cell through AIR, CIB and TDS return for which notice is being served to non-filer.

1. Annual Information Return(AIR)

• AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account
• AIR-002: Paid Rs. 2,00,000/- or more against credit card bills
• AIR-003: invesement of Rs. 2,00,000 or more in mutual fund
• AIR-004: Investment of Rs. 5,00,000/- or more in Bonds or Debenture
• AIR-005: Investment of Rs. 1,00,000/- or more for acquiring shares
• AIR-006: Purchase of Immovable Property valued at Rs. 30,00,000/- or more
• AIR-007: Investment in RBI Bond of Rs. 5,00,000/- or more

How to deal with notice received for Non-Filing of Income Tax Return:

If you get a notice for non-filing of income tax return from compliance management cell, first you need to understand why you have received notice. After logging into your account on the e-filing portal athttps://incometaxindiaefiling.gov.in, visit compliance menu where you will be able to view the details of the assessment years for which the return has not been filed and for which the third party information has been received by the ITD.

The taxpayer can choose one of the following response options:

i. ITR has been filed

ii. ITR has not been filed

If the taxpayer chooses the option that ITR has been filed then it need to provide the mode of filing the ITR (paper or e-file), date of filing the ITR and the acknowledgement number. In case the ITR is e-filed, the status will be automatically updated.

If the taxpayer chooses the option that it has not filed the ITR then it needs to choose one of the following options:

i. Return under preparation

ii. Business has been closed

iii. No taxable income

iv. Others

In case if the taxpayer chooses the option “others” then he has to mandatorily submit the remarks

If you are not registered with the e-filing portal, use the “registered yourself” link to register your PAN. The response has to be submitted electronically by clicking Compliance link after logging into the e-filing portal.

How to deal with notice received for Non-Filing of Income Tax Return:

If you get a notice for non-filing of income tax return from compliance management cell, first you need to understand why you have received notice. After logging into your account on the e-filing portal athttps://incometaxindiaefiling.gov.in, visit compliance menu where you will be able to view the details of the assessment years for which the return has not been filed and for which the third party information has been received by the ITD.

The taxpayer can choose one of the following response options:

i. ITR has been filed

ii. ITR has not been filed

If the taxpayer chooses the option that ITR has been filed then it need to provide the mode of filing the ITR (paper or e-file), date of filing the ITR and the acknowledgement number. In case the ITR is e-filed, the status will be automatically updated.

If the taxpayer chooses the option that it has not filed the ITR then it needs to choose one of the following options:

i. Return under preparation

ii. Business has been closed

iii. No taxable income

iv. Others

In case if the taxpayer chooses the option “others” then he has to mandatorily submit the remarks

If you are not registered with the e-filing portal, use the “registered yourself” link to register your PAN. The response has to be submitted electronically by clicking Compliance link after logging into the e-filing portal.

Please check the source of money for these transactions, You can still file till 31st march if you this items are taxable.

After filling response file ITR

first register with efilling poratl.

and go on flaash back.remember that previous information.

there will many option ,select the appropriate option

and give necessary information to the income tax dept.

thanks