I am a salaried employ with all Tax Deducted at Source. Have recd a penalty notice under section 271(c) stating that I have not mentioned the source of income for my credit card payments for Assessment Year 2009-10.
Under what section and clause of the Income Tax act should I file the appeal with the Commissioner of appeals?
https://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form35.pdf
Thank you Mr Sharma. I have the form already, but the form asks for the section of the IT act under which the appeal is preferred....what shd be specified?
sections are mentioned in notice to yourself .
can u tell me ,how is credit card payemnt is ur sourse of income ???
pls ans... ??
Credit card is not source of income...but the assessing opfficer has asked for the source of income for credit card payments, inspite of having all salary deposits and card payments happening from a single savings bank account....Quite a silly situation if you ask me...these guys just create overheads for no reason...
| Originally posted by : Sumit | ||
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Credit card is not source of income...but the assessing opfficer has asked for the source of income for credit card payments, inspite of having all salary deposits and card payments happening from a single savings bank account....Quite a silly situation if you ask me...these guys just create overheads for no reason... |
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make a cash flow / funds flow statement of the respective year, and reconcile the credit card payments with that statement,
AO may has pointed out that credit card payments are major expenses and it was reflected properly or it may have exceeded your salary income.
in such cases, capital account opening balance can be used for payment of credit cards, provided you have valid reason or emergency to do so.
a funds flow statement can put a clear picture on the issue.
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