Got a Notice Today having Sub:- Requisition of information u/s 131 (1A) of Income Tax Act
The Assistant Director of Income Tax(Inv.) has asked for brief summary about myself and my family along with their PAN, Age, Relationship with me, whether dependent or independent and details of their income tax return filed so far.
He has also asked to furnish details of all my bank accounts and my family members' bank account.
Details of all moveable and immoveable properties in my name or my family member's name.
If failed to produce, penalty proceeding u/s 272A may be initiated.
I wanted to ask: What might be reason behind this notice? & Is there anything serious or anything to worry?
CAclubindia
