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Hi Sir,
I've gone through your all the videos in you tube related to Non filing of Income Tax Return notice and I am completely aware of how to reply this notice.But I've got a very complex situation and I need your help very badly.
My father was a third grad teacher and he got retired in year 2008. After 2008 he stopped filing Income tax return as his income was below threshold level.Now he has received Non filing of Income Tax Return notice last week (26/05/2016) for financial year 2013-14 for information code CIB-403.
My father is a senior citizen and my mom don't have any source of income, she is a home maker. My father has a joint account with my mother in State bank of Bikaner & Jaipur.In this account only my father's PAN was submitted and My mom didn't have PAN in year 2013-14 (she got her PAN in April 2016).
My father was getting the pension of 16000 Rs/Month in the year 2013-14. He opened two different FDs on his name (each 600000) in year 2009 for 2 years of maturity instruction.These FD got mature in 2011 and total amount became 720000 for each fd. Then again FD got matured in year 2013 and the maturity amount became 900000.
a) The total interest received in year 2013 for these fd
169000 x 2 = 338000
b) Total pension
16000 x 12 = 192000
C) Total income (c = a + b)
192000 + 338000 = 5,30000
d) Tax slab for financial year 2013-14 = 250,000
e) Total taxable income (e = c - d)
5,30000 - 250,000 = 280000
Note : TDS was deducted in 2011 => 13412 x 2 = 26824
TDS was deducted in 2013 => 1208 x 2 = 2416
Actually its a hard earned money and you can see that he was hardly getting 150000 per year (average income for year 2009, 2010 , 2011, 2012 And 2013)
He is very upset because he took wrong decesion for maturiy date of these fd.Is there any way so that we can save this tax as my mother does not fall under any taxable income.
Thanks to you in advance.
I've consulted to a local CA, He could not see any solution, but I have strong feeling that there must be a way, so please help me out in this.Please reply me asap.
Thanks & Regards,
Bhoopendra
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Dear Amlan
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nor was form 10e form filled.
Revision is not possible but Can i file rectification under(Return Data Correction) Sub category : Others (And what reason should i give)
Thanks in Advance