Sir My name is R.Gnana prakash I got notice via post from income tax department regarding non filing of income tax for the FY 2013-14 for transactions more than 10 lacs in savings account and asking to file the income tax online and send one copy to local Income tax office. I worked as sales executive(contract) in a bank at the time as for customers request I did two transactions 500,000 and 200,000 so that the total year cash deposits exceed more than 10 lacs,and at the time my gross salary 14k PM so I am not come under tax liability. And I don't know the customers details now. Now I am not working so there is no taxable income. When I received the notice I registered to income tax site. My question is 1.how to file the income tax? 2.In filing the income tax tab the reason I chose no taxable income and in the remarks can write the reason for the more than 10 lacs as I mentioned above? 3.in the related information tab can I choice the option that "not know" ?. 4.so any I am filing the income tax for FY 2013-14 can I file for the years 2014-15 and 2015-16 also?. Hoping for the advice. Thanks R.Gnana Prakash
Hi,
you can file paper return for FY 2013-14
2) yes, you can write the reason , as you mentioned here,
as you have mention client money was parked in your account, so it must be only for short duration and same amount must have been withdrawn as well.
3) as you dont have those client details you can choose that
4) yes, you can file return for years mentioned above.
if you need any other assistance you can reach me @ my mail id is agarwalvishakha23@gmail.com
Need to first check what you have done with the customer money. If you have withdrawn then you need to show that the amount deposited is your receipts and you have incurred some expenditure and the remaining offer to tax.
The Income tax Department will not believe that you have deposited customer money. If you say so then they will slap penalty notice and tax.
Dear Sir,
Yes, you can write the reason as stated above. Yes, you can choose the option 'not know'.
Yes, you can file ITR for FY 2014-15 and 2015-16 as well.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Dear Sir,
if you have valid reason no need to worry.
You can write the reason as mentioned above.
You can choose the option 'not know' but the AO can questions.
You can file ITR of last two years.
For any further clarification, feel free to contact us.
Hello Sir,
It is advisable not to enter into such transactions in the future as you will unnecessarily invite complications.
You can file your IT returns now and select income not taxable.
Yes, you can file for 2014-15 & 2015-16 as well.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
