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RAVINDER SINGH

Category : NRI Taxa..,

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December 26, 2018 2:12 am

Hello Amlan,

I have a case, where I have received Notice of demand Under Section 156 of Income Tax. & want me pay sum of Rs. 17,76,570/-

I am NRI and has deposited around Rs. 20 Lac in AY 2011-12 in cash to my account & some Stock purchase & sell of Rs 5.8 Lac.

The cash Deposition 20 Lac has Brea...

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Amlan Dutta

The department must have served initial notice under 148 ...this is when the assessing officer has reasons to believe that you have not disclosed your income correctly and therefore, you have paid lower taxes or where you have not filed your return at all in a case where you should have ideally filed it as per law, this is termed as income escaping assessment. It is very important that when they call upon assesse for justification for arriving at assessment suspecting escaped income , assesse or qualified representative should meet the assessing officer and explain ...it is here that you should have met the concerned authority and explained the 20 lakh breakup and its taxability,,,when response doesn't meet their expectations and they are unable to do regular assessment , they do a best judgement assessment based on whatever facts are available to them and issue demand notice ( under section 156) ......the option left with you is only of appeal ...before that meet a practising CA ...
( My observations relating to assessment ....i am not personally sure of how property sale is not leading to capital gains .... For taxability of foreign income, figure out taxable residential status first .....the foreign income if received in external country account first on account of income received outside and then send here is exempt provided strictly that your taxable residential status is non resident for the relevant assessment year ...and the money transferred from mothers account to you should be registered in form of a Gift deed, then it can be be treated as exempt under definition of relative purview)....
I will advise that you meet a practising chartered accountant to discuss further the case.

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December 26, 2018

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Amlan Dutta

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December 26, 2018

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Prabhu Johnson

Category : Rectific..,

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December 25, 2018 1:45 pm

Hi,

Greetings !!!

As I have filed IT return for AY 2018-19 and got reply from IT Income tax Intimation U/S 143(1) saying TDS deduction shown in the ITR-1 is not matching and I have to pay additional taxes like that. But when I checked in the 26AS whatever amount I have entered in ITR-1 as TDS is match...

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Amlan Dutta

You will select tax credit mismatch under rectification and no matter which TDS fields it pulls up or not, you are again required to fill in entire all TDS entries of the TDS schedule again ( including IT field in case you have paid any self assessment / advance tax )....check my live tutorial ...

December 26, 2018

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Yuvaraj

Category : Section ..,

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December 25, 2018 1:26 pm

Hi Sir,
I missed to file income tax return for AY 2016-17. If I fill I will get refund rupees 7000 . Could you please guide me to get refund ?

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Amlan Dutta

It is difficult process .... check tutorial on how to file time barred return ...it all depends on whether assessing Officer gives condonation notice under 119 (2)(b)....You have to seek condonation from principal commissioner of income tax under section 119 (2)(b) citing hardship which prevented y...

December 26, 2018

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ABHILASH GAVEL

Category : REVISION..,

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December 25, 2018 1:21 am

I received intimation u/s 143(1) for AY 2018-19 and i found two problems
1. Department's Mistake- TDS as per 26AS is not considered in intimation(Tax credit Mismatch)
2. My Mistake- I forget to Include Interest on FDR received during the year clearly visible is 26AS at the time of filing return
now ...

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Amlan Dutta

Yes, you should revise the return and include the FD interest in it ( everything else stays as it is )...for department mistake , you could have considered submitting rectification request for tax credit mismatch but since the case in point also deals with revision of income , revision ( assuming th...

December 25, 2018

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