Non filing of Income Tax Returns-Reg
My agricultural land was acquired forcibly by Govt of Haryana. I got the cheque for the amount from district revenue officer. This cheque was deposited in HDFC bank. After one year, I withdrew this amount and again deposited this amount on the same day in syndicate bank in my saving account .
Now, I got a letter from Income Tax Department which contains " You do not appear to have Income Tax returns" and asked me to furnish my response failing which appropriate proceedings may be initiated. Kindly suggest me.
Asked 1 year ago in Income Tax from Mahindergarh, Haryana
Cash deposits over and above 10 lac in savings account will result in your account details being shared with department. Kindly reply on the matter explaining the deposit. Nothing to worry.
Talk to Shashank Surana
4.3 on 5.0
As per notices we are getting we are of the view that ,you have received a notice where it is stated that you comply to the notice by answering online and then submitting the acknowledgement to Income Tax Officer.
In the said case you need to give answer that you have no taxable income and write reason stating agricultural income and then submit the answer.
If you get any query regarding the reason then you need to submit directly to the Officer.
Talk to Shyam Sunder Modani
4.9 on 5.0
If there is taxable income, you should submit return. Otherwise, you can explain source of your deposit and there should not be any issue.
Talk to B Vijaya Kumar
5.0 on 5.0
This appears to be a mere compliance issue which almost most of the people are facing right now.
All you need to do is log on to the the Income Tax Website and revert that you have not filed IT returns since your Income was not taxable.
Note: It has been assumed that you had no other Taxable Source of Income.
CA Rohit R Sharma
Talk to Rohit R Sharma
5.0 on 5.0
has the income tax department mentioned reason for issue of letter requesting you to file return of Income. If the income on acquisition of agricultural lands is exempt then you may file a nil return or include whatever taxable income you have derived during the previous year.
Talk to Vijay N. Kale
4.9 on 5.0