Hello sirs/madams I have received notice under section 143 (2) for financial year 2015-2016 asking me to explain the sources of my fixed deposits.I have only interests accrued from those fixed deposits and postal deposits as annual income and no other earnings.Those fixed deposits and postal deposits are worth one crore and they are from my grand mother given to me 10 -15 years back which she used to give 50000 thousand, one lac some times which i have deposited in postal term deposits and FD s at around 10-12% in those days i didn't use interests received on them but re- deposited them with interests into new FDS and postal deposits and i also did some odd and different kinds of jobs due to my health issues ,like tutorials ,computer data entry jobs and used to get 10000-12000 per month since 1995-2013 and saved all the money and deposited into postal and fixed deposits along with money given by my grandma and my parents also sometimes as they are well settled doctors.As ours is joint family my parents took care of me financial as I couldn't succeed in my career,knowing this I saved every single penny I received from elders and invested in FDs and postal term deposits, which banks cut TDS and i also filed taxes and payed them .My grandmother passed away in Jan 2013.Now how to explain to the I.T officers regarding the source .My grand mother gave me the affidavit stating that she has given the money to me beforeo her demise,my parents too are willing to give me the affidavit stating that they too have given the money to me.Are these affidavits on stamp-paper given to me are eligible to explain the sources ,can I use these affidavits to explain my source.Please explain to me how to face this scrutiny
forgot to say that fixed deposits and postal deposits became one crore worth now not at the beginning ,like i said i used to deposit all the money i received from my grandma and my parents and by my odd jobs .The accumulated worth of those FDs and postal deposits are worth one crore now (accumulated over a period of 15-20 years)
Hi,
Yes, affidavits given by your parents and grand parents are good source to show. However, please let us know have you shown these money as a gift in yiur income tax returns?
If not shown as gift, we advise you to revise your returns for the past 2 years and show at least gift recived in those 2 years in your return of income.
Please feel free to call revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
You will have to explain to the Assessing Officer ('AO') the source of your FDs and other deposits. You have to file a written submission to him along with relevant documentary evidences, including your bank statements and affidavits. The affidavits, if supported by their name and address and PAN is sufficient to be provided. The bank and other deposit statements will prove that you have earned that money over a period of time.
Trust this clarifies.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
I'm not sure if you have filed your IT Return or not. If you have filed return, and as you received a notice u/s 143(2), it is perhaps a case selected for scrutiny by the assessing officer. I suggest that you should take professional help and submit relevant information and documents to the assessing officer.
If you have not filed return, you may be required to provide the data online. Pl. check the notice as to who has issued it - CPC or Assessing Officer?
In any case, you need to represent your case preferably with professional help.
