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.
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 1 year ago in Income Tax
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.
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.
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
The exact message that I received is as below. All amounts are in INR.I have also commented in [brackets] e-Campaign - Non-filing of Income Tax Return for AY 2021-22 - The Income Tax Department has received information on financial transactions/activities for Financial Year 2020-21. However, as per records available, you do not appear to have filed Income Tax Return for Assessment Year 2021-22 (relating to FY 2020-21). Some significant information available with the Income Tax Department includes the following: Dividend - [from investments made] Purchase of immovable property - [Mother and father are primary purchasers. My name was added to avoid the hassles of adding it later. I have not made any contribution for this property] Purchase of securities and units of mutual funds - [not sure] Sale of securities and units of mutual fund - [previous 80C investments sold at maturity] The objective of this campaign is to validate above information and promote voluntary compliance.
Asked 1 year ago
You will have tax liability on
- dividend
- Sale of securities
Also need to report in source of funds for
Property
Shares and mutual fund
- 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.
Need to discuss it on phone call for better consultation.
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.
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA