AMA: All About Income Tax Notices

Hi @Vijendra_bhade, if you have correctly filled the information you can ignore the message. If you feel that there are discrepancies between your filed return and the actual information you can revise it by the end of day today i.e. 31st March 2022. Let me know if you have any other queries, would love to help. :blush:

novice layman’s general query :

suppose , if , e.g. :

i am a full time intraday trader in nse cash equity fno .
i have made a profit of 15 lakhs in the year .
what could happen if i forget to file the returns , intentionally ; to “not to pay” the income tax .
and think , if the taxman comes to know then i’ll pay it and if no one comes to know then i saved the money by forgetting to “not paying” the tax ?

what could be the pros and cons ?

Hi @HIREiN

Income from Intraday Trading is a speculative business income as per Income Tax. It is mandatory to file the ITR is your total income is more than basic exemption limit. The ITD has all your trading data and if you do not file the ITR, you will receive a notice from the income tax department. When you file the ITR in response to such notice, the AO has an authority to impose penalty in addition to the tax liability.

You can read more about ITR filing, its pros and cons here

how much ?

is there any minimum / maximum rule ?

Hey @HIREiN

The Assessing Officer can impose penalties under different sections. You can check them in detail here - ITD Penalties & Prosecution

2 posts were merged into an existing topic: How to submit feedback for Income Tax e-Campaign?

thanks for sharing penalties and prosecution information.

can you share latest CBDT guidelines for prosecution.

My daughters are NRIs having NO domestic income. During FY 2021-22, they jointly purchased a flat to be constructed at a total cost of Rs.48 lakh in Hyderabad for which they had received a notice for non-filing of IT Return for AY 2022-23. Whether they need to file the ITR and if so in which form? If not, how to reply to the notice in IT compliance portal?

Hi @ramarao.vs

Since there is just a purchase of property and no sale is involved, there is no need to file ITR.
However, you can still consult a tax expert by booking a MEET to respond to the IT Notice.

Hello @Private ,

You can check the latest CBDT Guidelines for Compounding of Offences under the Income-Tax Act, 1961 -reg here.

Hope this helps.

what is compulsory scrutiny?

Hi @Private,

Scrutiny means a detailed assessment of your ITR. The process is carried out to verify the claims, deductions, etc., made by the taxpayer in the return of income.

Hope this helps.

Does it happen online after faceless assessment scheme was introduced?

Hi @Private,

Yes, the faceless facility for income tax appeals has now been introduced by the income tax department. And if required the Assisted officer (AO) can ask you to be physically present for a detailed examination related to some exceptional cases.

Hi, Can we file rectification of return against proposed adjustment U/s 143(1)(a)(ii), for a trust not having 12A registration was mistakenly filed under ITR 7 but proposed adjustment U/s 143(1)(a)(ii) was received disallowing the exemption claimed, now can we file the rectification return by selecting it has AOP and file rectified return?

@Bharti_Vasvani if you can help here.

Hello @Adhi_Subramanya,

Rectification of return is for mistakes that are apparent from the records, however not having a registration as trust is not a mistake apparent from records hence rectification is not a solution here. But, an Updated ITR (ITR- U) can be filed in this case as an Association of Person.

Hope this helps!

@TeamQuicko @Shrutika_Shah @Bharti_Vasvani I am trying to file a revised return using the json file but getting this error -

How can I correct this?

Hi @Mayank_Bajaj

It is difficult to know the issue from the screenshot. You can Ask an Expert or Submit a ticket : Help Center.

@Shrutika_Shah
@Sakshi_Shah1
@Bharti_Vasvani

Mr.“A” earned 15 lakhs in the lottery . He has to pay tax as per the slab . BUT . he spend entire 15 lakhs in expenses travellings buying clothes etc . . Now he is bankrupt and no money . and so did not pay any tax .

what can the Government (I.T. department) do in such case scenario ?