Tax Notice

Articles

12/23/2016

Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15

The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR, CIB and TDS/TCS databases.

The Government urges all tax payers to disclose their true income and pay taxes accordingly, the Department would continue to pursue the non-filers vigorously till all the high potential non-filers are covered.

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Tax Notice

Articles

6/6/2013

5 Main Reasons for Getting Income Tax Notices and How to Avoid Them

It is not amusing to receive an income tax notice. Often, it may lead to an unnerved reaction and you become clueless as to how you should handle it. Firstly, remember that this is not an alarming situation. So, hold your breath and control your anxiety. Now, read the notice carefully and thoroughly to understand the points cited in it. Also, it is not mandatory that you will always receive a bad news or a huge burden from the tax department.

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Tax Notice

Articles

6/5/2013

Notices to Non-ITR Filers

Income tax department has started sending notices to non-filers for the assessment year 2012-13 onwards & are also using the said information to verify under-reporting of income.

Income tax department has started sending notices to non-filers for the assessment year 2012-13 onwards & are also using the said information to verify under-reporting of income.

 

  1. Annual Information Return (AIR)

AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account
AIR-002: Paid Rs. 2,00,000/- or more against credit card bills
AIR-003: Investment of Rs. 2,00,000 or more in Mutual Fund
AIR-004: Investment of Rs. 5,00,000/- or more in Bonds or Debenture
AIR-005: Investment of Rs. 1,00,000/- or more for acquiring shares
AIR-006: Purchase of Immovable Property valued at Rs. 30,00,000/- or more.
AIR-007: Investment in RBI Bond of Rs. 5,00,000/- or more

  1. Central Information Branch (CIB)

CIB- 94: Sale of Motor Vehicle
CIB-151: Transfer of immovable property
CIB-154: Transfer of capital assets where value declared for the purpose of stamp duty is more than sale value
CIB-157: Purchase of Immovable property valued at Rs. 5 lakhs or more
CIB-183: Time deposit of Rs 1,00,000/-
CIB-185: Purchase of Bank Draft of more than Rs. 50,000/- in cash
CIB 321: Share Transactions more than Rs. 20,000/-
CIB-403: Investment in Fixed Deposit/Time Deposit exceeding Rs. 2,00,000/-
CIB-406: Payment made against Credit Card more than Rs 2,00,000/-
CIB-410: Cash deposit aggregating of Rs 200000 on a day
CIB-502: Contract of Rs. 10,00,000/-or more in the Commodities Exchange
CIB-514: Interest paid by cooperative credit Society
CIB: Payment in connection with foreign travel amount exceeding Rs. 1,00,000/- at one time
CIB: Payment to Hotel and Restaurants exceeding Rs. 1,00,000/- at one time

  1. TDS return

TDS-94A: TDS Return – Interest other than interest on security (section 194A)
TDS-92B: TDS Return – Salary to Employees (section 192)
4. Service Tax ReturnEXC-002: Turnover from services reported in Service Tax Return
5. Stock Broker
STT-01: Purchase of equity share in a recognised stock exchange
STT-02: Sale of equity Share (settled by actual delivery or transfer) in a recognised stock exchange
STT-03: Sale of equity Share (settled by otherwise than by the actual delivery or transfer) in a recognised stock exchange
STT-04: Sale of option in securities (derivative) in a recognised stock exchange
STT-05: Sale of Futures (derivative) in a recognised stock exchange.

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