Information about AIR-002

Hii

you need not pay any tax for the same.

if your total income for FY 2015-16 is less then maximum exemption limit then file reply not liable to file ITR and accept this transaction.

or if possible please share snap shot of options available in your reply tab ( these options are diff person to person thats why i am asking the same)

my email id is calalit7@gmail.com

Hi,

You need not pay taxes on the credit card transactions. However why was the return not filed? I am assuming since the credit card transaction was in excess of 2 lakhs, your salary would have been taxable and even TDS would have been deducted.

Can you please clarify as to why was the ITR not filed?

Regards,

Nikhil

Hi,

Thanks for the query !

The compliance window has got opened because your ITR was not filed but there were some inflow or outflow of income/expense throughout the year.

The income tax department wants to know or have the record of such transactions which you have not reported in the income tax return of the respective year. In your case, the tax department wants to understand the source of income for payment of 2 lakhs or more towards credit card payments.

Scenario 1: In case it was done from salary, then you should file the tax return reporting salary income. It is not necessary that you will have to pay some taxes. The taxes could be NIL also depending upon the tax slab rate applicable on your income bracket.

Scenario 2: If you have not done any such payment towards credit card, then you may refuse the information on the compliance window. It gives an option that you don't know about this transaction.

Thanks

Damini

ok as per your form 16 your what is your gross total income and total income

Dear Sir,

AIR is annual information report for specific transactions. You have repaid the credit card bills through cash by more than Rs. 1 lacs in the F.Y. 2015-16. Please check your credit card statements for payments.

1) You need not to pay tax on the above.

2) They simply need information relating to source of payments which should match with the total income declared in the ITR filed by you in that particular year.

3) As you said the repayment is from salary account and you had not filed the ITR for that particular year, this might be the reason that the deptt. is unable to cross check the figure. Are you sure you don't have any income taxable in the F.Y. 2015-16 in India. If there is taxable income in India in F.Y. 2015-16 still there is time to file ITR. The last date is 31.03.2018.

Thanks

CA Vivek Arora

If you have received form 16 for that year, then you should first file your return by March 31, 2018.

Then you may file the response directly that the return has been filed.

Thanks

Damini

self expenditure is out of accumulated savings

no reply from your end on my counter questions thus giving above general reply.

Hi,

You should have filed the return. Please file the income tax return for FY 2015-16 before 31st Mar 2018. This is the maximum limit till which the return can be filed.

Interest will be levied under section 234 A @1% every month from the last date of filing the return upto the date of furnishing the return of income.

Please compute the tax liability and file the return immediately to avoid any further issues.

Regards,

Nikhil

In the compliance portal, you will need to disclose that the source of money was salary income but the return was not filed. File the return before 31st Mar along with the interest on any further taxes and disclose that as well.

Regards,

Nikhil

Please share your Form 16 details i.e. Gross Total Income and TDS deducted by your employer. The last date to file ITR for the A.Y. 2016-17 is 31.03.2018.

We may assist you in ITR filing and closing of this query on compliance window.

Thanks

Hi,

if you make payment through credit card of more than Rs. 2 lakhs during the financial year, you are required to file the return. It is mandatory to file the return, even if there is no taxable income

31st March 2018, is the last date to file returns for FY 201-16 & FY 2016-17.

I would suggest you should fie the return before that.

if you need any help you can contact me at agarwalvishakha23@gmail.com

Hi

AIR 002 is just to ask for information required by income tax department regarding your transactions in order to know whether any taxes have been evaded. You don't need to pay any taxes but only reply suitably in response to the compliance by selecting appropriate reason.

However, it seems that you were required to file income tax return for the FY 15-16 but you have not filed it.

The last date to file return ia 31st March 2018. Please file it by this date.

We may assist you with return filing.

Hi,

You don't need to file return of income in India just because your credit card bill exceeds 2 lacs per annum.

However, if your total including including salary income is more than 2.5 lacs per annum then you are liable to file return in India.

The Last date to file return is 31 March 2018.

We can assist you in filing ITR. Please feel free to reach out to us through phone consultation.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

31st March 2018 is the last date for the filing of IT return for the FY 2015-16 and 2016-17. I suggest that you should file IT returns for these two years,if you have any taxable income.