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Tax compliance notice received

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Josh

Manager

21 Points Posted on 31 July 2015

Hi,

My Father (sr. citizen) has received a tax compliance letter stating that for FY 12-13, certain financial transaction were noticed and no tax returns had been filed for FY 12-13. The letter has requested to file response in compliance module of e-filing portal.

On going through my father's records, I noticed that for FY 12-13, he had received interest income of Rs. 5.5 Lakh.In subsequent years there was no income. I have registered my father's pan in the tax portal

My queries are as below-

1. How do I go about the process of payment of tax (incl. penalty) and filing of return?

2. For years prior to FY 12-13, information is not available with me. So what are the consequences of short payment of tax.

3. The letter received from IT department asked for a response within 20 days. Will filling the compliance section constitute response?

4. What is the related information tab in compliance section for?

Thanks in advance,

Replies (1)

Udgam Koomar

Tax Technologist

2037 Points Posted on 31 July 2015

(a) You can calculate tax as per rates prevelant that year + Interest and penalty till the month you will actually pay.

(b) Short payment means Penalty and depending on the AO and your reasoning, some other actions as well. Since he is a senior citizen and if you meet AO and he fells reason is genuine, there may be a lineant view.

(d) Related tab is to tell if the info displayed there is related to your PAN or someone elses.