• How do I respond to income tax notice

Hi, I received an income tax notice for non-filing. 

I am an NRI who has not been living in India since 5 years. However, my father purchased a property and added me as a joint holder. I also sold some investments held under 80C that I had made when I was in India.

There was a dividend of about Rs. 2000 and some purchase of mutual funds for $44,323. I do not know what the purchase of mutual funds were because I have not made any purchases. Please help!
Asked 2 months ago in Income Tax

File the ITR against the notice. Also check whether reply is required on compliance portal.

 

I can assist you. For detailed discussion you may opt for phone consultation.

Vivek Kumar Arora
CA, Delhi
4493 Answers
621 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well.

 

You need to file the ITR for the same.

 

We may assist you in entire procedure.

 

It is advisable to take a phone consultation for detailed discussion.

 

 

Payal Chhajed
CA, Mumbai
5175 Answers
244 Consultations

5.0 on 5.0

First we need to check is it really a notice for non-filing or just a reminder to file income tax return from the department because you have done some financial transaction in India.

 

Also, for which year have you received such notice?

 

Also, have you have investment of 44323 dollars? That would be around 20-25 lakh Rs. considering canadian dollar.

 

What is the source of such investment and if you have not made any such investment you must check who have reported such investment and you should deny such investment reported online.

 

I would recommend to book a phone consultation with me for a better discussion.

 

You can book a consultation here.

 

Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
4065 Answers
70 Consultations

5.0 on 5.0

If you have any tax liability you need to file return

 

If there is no liability we can simply submit the reply online for the confirmation of transaction and tax working that since there is no tax payable we have not file return and thats very simple

Vishrut Rajesh Shah
CA, Ahmedabad
826 Answers
34 Consultations

5.0 on 5.0

You will have tax liability on

- dividend

- Sale of securities

 

Also need to report in source of funds for

 

Property

Shares and mutual fund

Vishrut Rajesh Shah
CA, Ahmedabad
826 Answers
34 Consultations

5.0 on 5.0

- File reply against each information pointed out. The objective is to find out mismatch between assets and sources of funds. Also compute total income and tax liability.

Vivek Kumar Arora
CA, Delhi
4493 Answers
621 Consultations

5.0 on 5.0

Need to discuss it on phone call for better consultation.

Naman Maloo
CA, Jaipur
4065 Answers
70 Consultations

5.0 on 5.0

In the above case, if your total income from the profits made from the sale of investments exceeds the basic exemption limit of Rs. 2.5  Lakhs, then you should file your IT return for the FY 2020-21. 

Puja Sharma
CA, Jaipur
63 Answers

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