Intimation of information in possession with Income-tax Department

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    CA
    Keymaster

    One of our clients received a letter from income tax department regarding Intimation of information in possession with the Income-tax Department.

    Content of the letter is:

    Tlie Income-tax Department has created an active database of actionable information of financial transactions of all persons, relating to immovable property transactions, cash deposits in bank accounts. Fixed or Term Deposits in banks, investment in shares and debentures, RBI Bonds. Mutual Funds and credit card expenditure, etc..

    From the information available with Income Tax Department, It is found that you have made Fixed Deposits with M/s. CANARA Bank and further verification in other areas as mentioned above in your case is in progress.

    You arc requested to verify whether the above transactions have been taken into account in the Return of Income filed for the relevant Assessment Years. In the event of the non-disclosure of the income and the sources of the above financial transactions, your attention is invited to the ongoing Income Disclosure Scheme 2016 of the Government of India.

    For further information of the Income Declaration scheme 2016, please visit http://www.incometaxindia.gov.in.

    In case if you have received such notice please share your experience below. We, income tax return filing consultants  in Bangalore help you to address the issue.

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