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

Hi Rajib, 

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

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).

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

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

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

Hello,

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

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.

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

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

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

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.