Friends,
I have erroneously filed wrong ITR form for filing IT returns which are all processed by IT dept. I am an NRI with no taxable income in India. (I do have a large number of NRE FDs but the interest is tax exempt).
I just recently realized I have been filing ITR1 whereas I should have filed ITR2 which applies to NRIs. This came to my notice when I got a email from e-compliance telling me that some high value transactions were not inline with my IT returns filed. These transacations are actually my bank adding my interest on NRE tax exempt FDs.
I am not sure what action I should take. This email just came today on 1st April & the last date for revising returns has past yesterday on 31-Mar-2021. I have raised a grievance on IT website that I have erroneusly filed wrong form.
I would like to know if anyone has experience on this kind of issue and what are the potential implications. I understand the error is on my part in wrong form submission but on other hand I also do not have anything wrongfully hidden or illegitimate money. The bank has KYC that I am non-resident indian & further I can also prove directly to IT dept scrutiny that I hold a resident visa abroad & have stayed out of India for more than 182 days every year for past many years. Furthermore, I do not have any local income from any source which is taxable.
Any advice would be appreciated.
CAclubindia
