What is the meaning of following tax notice CIB-413 Investment of Rs 1,00,000/- and above in Mutual Fund Units TDS94A - TDS Return - Interest other than interest on securities (section 194A) CIB-403 - Time Deposit exceeding Rs 2,00,000/- with a Banking Company
It seems that you have made the above referred investments during the FY 2009-10 and 2010-11. Now through PAN, all this details of investments are available with income-tax officer and reported in form AIR statement. It seems you have not filed your tax return though you have made such investments.
Dear Sir,
Hope you are doing well !!
The Income Tax department is sending this letter to people who have not e-Filed or have not disclosed all incomes according to their records. It is always better to reply the notice by filling ITR with some source of the amount deposited in FD (Fixed deposit)/TD (Time Deposit).
Non-filing of ITR may attract penalties and also has severe consequences. If, there is no taxable income then there is no need to pay tax or file income tax return. You are only requested to furnish your response in the compliance module on the e-filing income tax portal. You can respond to the notice online.
In short, the Income Tax Department wants you to explain why you haven’t e-Filed your return and may additionally ask you to explain some facts regarding your income.
For example: “CIB-403” or “Time Deposit exceeding Rs.2 lakh with Banking Company” may relate to your Fixed Deposits.
“TDS-94A” or “TDS Return – Interest other than interest on securities (Section 194A)” may relate to taxable interest income you may receive
Hi
These are compliances in relation to filling of ITR.
Please check your total income for the respective financial year. If it exceeded 2.5 lacs, you got to file the return.
Post filing of return, response has to be submitted on income tax compliance portal.
If you were not required to file ITR, file the response on compliance portal stating the same.
You might have made transactions in bank, mutual funds or earned interest and TDS has been deducted. After all you have not filed income tax return.
These are various points based on which they are asking you why have you not filed your ITR.
When did you receive such notice?
Date?
As per point number 1 they have come to know that you have made certain investment in mutual funds amounting more than 1 lakh.
Second point says your TDS has been deducted u/s 194A of the act i.e. TDS on interest earned.
Third you have made an FD with a bank.
The basic idea behind this is to ask you that even after investing 3 lakh why have you not filed ITR as your investment is more than 3 lakh your income would be more than this.
Only 1 thing I couldn't understand is if your TDS was deducted and your income was less why didn't you file ITR and claim refund of such TDS.
If you need any help in filing ITR get in touch with me.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi,
- In F.Y. 2009-10 and 2010-11, you entered in the above transactions and TDS was deducted on Interest earned on FD, for which you either did not filed the ITR or it is not matching with the income shown in the ITR. You are required to response on compliance portal for ITR filing status and sources of the above funds.
Thanks
Hi
You might have made the investment in respective areas and had not filled income return for those years.
Due to Online reporting system by banks and mutual funds companies ,prevalent now,these are tracked by income tax department.
Collect the documents of these years and File return (if not filed yet) and submit a reply at compliance portal.
Hope it helps
