• IT Notice under 148a(a) and 148a(b) section for AY 17-18

Hello, 

I'm a former NRI and recently got an IT notice for 148a(a) and 148a(b) for AY 17-18.

I was a non-resident in AY 17-18. 

I did some FDs in my savings account and they asking for the source of funds. 

I already replied to the 148a(a) letter myself, but I got 148a(b) after that. I think they might not have read the explanaton. 

I attached all bank statements they asked, in a single pdf and explained the source of funds for the FDs (mostly came from the reinvestment of matured FDs and rest are funded from my NRE account) at the bottom of the pdf. 

Can I file ITR using the download utility, pay tax and attach challan and file proper respone w.r.t 148a(b) notice online ? 

Please let me know if you can help me on this to reply back to IT dept. 

Thanks
Rajib
Asked 1 month ago in Income Tax

Hi Rajib, 

I can help you in this if you can share 148(b) notice 

Vidya Jain
CA, Kolkata
1008 Answers
58 Consultations

4.8 on 5.0

This is an enquiry conducted by the Tax Dept so you will not have the option of filing return. You can provide a detailed explanation of the facts and submit your reply. They will consider the same and pass an order under 148A(d).

Karthik R
CA, Bengaluru
7 Answers

Not rated

Yes, TDS information is one of the reasons why 148A is triggered. You can contact us, we will help you with the procedures.

Karthik R
CA, Bengaluru
7 Answers

Not rated

Notice u/s 148A is issued to conduct an enquiry and provide an opportunity to an assessee before issue of notice u/s 148. You will get an opportunity to file ITR at the time of issue of notice u/s 148.You can send copy of notice at aroravivek1982@gmail

Vivek Kumar Arora
CA, Delhi
4810 Answers
1013 Consultations

5.0 on 5.0

You can share it on nine eight three six one four four one four three

Vidya Jain
CA, Kolkata
1008 Answers
58 Consultations

4.8 on 5.0

Hello,


For in-depth assistance with the notice and advice on filing a belated return, please feel free to contact me. 

Shubham Goyal
CA, Delhi
177 Answers
2 Consultations

5.0 on 5.0

Why was 10% TDS getting deducted on your interest income if you were a NRI.

30% TDS is deducted on income of a NRI. I think you have not informed your bank that you are a non resident and have not converted your saving account into an NRO account.

 

Need to know more facts and notice to see if I can help you.

 

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
4256 Answers
96 Consultations

5.0 on 5.0

 

The procedure is -

The Tax Department have to send a 'show cause notice' under Section 148A(b),  asking for explanations. After getting your explanation, the Tax Department will issue an order under Section 148A(d). In the said order, they may drop or decide to continue the proceeding and will ask you to file a return of income.

If the Tax Department wants to continue the proceeding then after a return of income is filed by you, a scrutiny proceeding will be initiated and you will be asked to submit the documents in support of your claim.

My Opinion:

(1) The Tax Department cannot send a notice now for AY 2017-18 unless the total FD made during 2016-17 was more than Rs 50 lacs. It won't be valid.

(2) Even if the total FD was more than Rs 50 lacs, it won't be treated as taxable if the source of FD was income. on which you had paid tax or from the balance in the NRE account which is entirely tax-free.

(3) You have to give a reply to the notice under Section 148A(b) accordingly and within the allowed due date.

 

Thanks

Anjan Roy, FCA

 

 

Anjan Kumar Roy
CA, Kolkata
9 Answers

Not rated

Please do select for the consultation and share the IT notice so that we can help you. Generally, if the interest income is not taxable, then the return filing is not required. But the detailed explanation needs to be provided to notice in order to avoid penal consequences

Prerna Peshori
CA, Pune
192 Answers
10 Consultations

5.0 on 5.0

you are required to file ITR ...PLEASE DO SAME ....AS TAX PAYABLE MAY BE HIGHER AS PER SLAB RATE ...

Anuj Agarwal
CA, Aligarh
61 Answers

4.4 on 5.0

148A(b) is the opportunity that the AO gives the assessee to respond within the limited time frame why notice u/s 148 should not be issued to the assessee. You may furnish the return once 148 is served on you. It seems like the income tax department would send you the notice u/s 148 owing to income having escaped assessment, you may furnish the return then.

Siddharthh Jain
CA, Gurgaon
65 Answers
1 Consultation

5.0 on 5.0

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