Income tax compliance

Notification 1414 views 5 replies

sz

Others

37 Points Joined July 2015

My mother had a income of about 1lakh (from Fixed Deposit interest) for the FY 2016-17 and no other income. We did not file any return. Now we've receieved a compliance notification for the same year. As per the instructions on the email, I opened the Compliance Portal and selected ITR has not been filed and Not liable to file return of income; and submitted a remark stating the total income amount as shown in Form26AS. But even after submiting the response, Status is showing as Pending. There is also a Verification Issue List listing Other Source Income (NOS01) and Investment (NIN03), am I supposed to submit response to these as well? Could anybody suggest the best course of action.

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208829 Points Joined July 2016

Yes, the investment for FD......... may be out of own source..... (unless any other investment made)

sz

Others

37 Points Joined July 2015

Thank you for your reply sir. Under the Verification Issue for Investment (NIN03), there are 8 identical rows showing the same Information Code (SFT-005) and Information Value for Time deposits. Shall I submit same response for all 8 rows? Again when I submit same response, let's say Receieved X amount as gift, will the total amount increase to 8X after I submit on all 8 rows?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208829 Points Joined July 2016

CODE SFT- 005: Time deposit

is reported by banks when.......... One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person.

It shows there are 8 time deposits........ aggregating to more than 10 lakhs deposits........ ( and not just 1 lakh .........)

So, better take help of local tax consultant to handle the situation in professional way......

sz

Others

37 Points Joined July 2015

Thank you sir. On the Detailed Response there is a Correct Information Value. So, for each 8 responses, this Correct Information Value should match the amount deposited in a single transaction and the aggregation of 8 responses' Correct Information Value should match the Information Value, right sir?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208829 Points Joined July 2016

Everything should match........ the amount deposited, FD made, AIR report as per Form 26AS, & SFT report for which the compliance notice received...... alongwith income earned and capital received....