https://www.desidime.com/comments/permalink/10272583
Asking for a friend.. Need Help. Got Notice under clause(b) of section 148A of the Income-tax
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If you guys remember way back in 2018, kotak 811 was allowing to add money via debit card.. he did huge number of 49999rs debit card transaction from his own other bank account debit card to get reward points. now he got notice, as below
Total credit 1,56,57,000 to bank account kotak
"Based on the above information, it can be noted that there is an income chargeable to tax to
the extent of Rs.1,64,10,089/- as mentioned above which has escaped assessment for the
A.Y.2018-19." - what does this mean ?
Now he is planning to respond saying, he did this to get reward points by rotating the money via debit card.. is there anything he need to mention and respond. He dint fill any ITR in that year...
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https://www.desidime.com/comments/permalink/10272667
money never increased, only transaction increased. With all transaction he might have got 30-35k cashback.
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https://www.desidime.com/comments/permalink/10272745
omg hmm lets get answers
VU+ for getting answer:) lets hope all suggestions will save this friend
https://www.desidime.com/comments/permalink/10272905
mast bhasad hai , log to bank aur accounts/cards ko mazaak samjhtey hain .
https://www.desidime.com/comments/permalink/10272907
Its cool to see people are getting trapped because of this so called cards and accounts:)
WELCOME TO DIGITAL INDIA
https://www.desidime.com/comments/permalink/10272998
148 section is for Income not declared in ITR and AO sent notice suspecting that INcome is concealed for that year.
Suggestion: Dont try to act all by yourself. consult CA, Preferbly Local and send reply to notice.
if you dont reply within stipulated time then Best Judgement assessment will be taken and Whole amount will be treated as income and taxed. (TAX+ Penalty+ Interest).
https://www.desidime.com/comments/permalink/10273235
all this transaction happened between his accounts and made within 4-6 months. he have all bank statements. can we upload those statement and say, money is just rotated to earn rewards points ? his bank statement shows same amount and never increased.
https://www.desidime.com/comments/permalink/10273443
Not filing ITR is the main trigger for that notice as the volume of the transaction caught him now. He can submit his explanation by duly showing and paying any tax for those reward points while filling ITR and response to that notice. I think so.
https://www.desidime.com/comments/permalink/10273867
Lawyer not necessary. CA also can be avoided. Just credible response with genuine documents is enough to put forth his version.
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https://www.desidime.com/comments/permalink/10273970
Omg..i m also doing high txn but not like that..month me 30-50k credit debit ho jata hai..should i file ITR? I have nt any income..i just shop online and send n rcv money or deal some people of amazon pay gv or any other gv
https://www.desidime.com/comments/permalink/10274012
Even if u don't earn 2.50lkh ,u should file itr
https://www.desidime.com/comments/permalink/10276562
Same scenario for my younger brother, He got the notice in March 2020 for 500 Cr.
We both uploaded all the documents and proofs with hand written application and mailed them.
Till now no issues or any further notice.
https://www.desidime.com/comments/permalink/10277748
was it done offline or online ? what all documents and proofs were given.
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https://www.desidime.com/comments/permalink/10276596
unse bolo malya ko india kub laoge?
https://www.desidime.com/comments/permalink/10277635
Tumlog direct IT Department walo se kyun nahi baat karte ho ?
Jaruri thorai hai hamesa yeh sab choti choti chizo me CA se baat karna pare.
agar koi jann pahechan me hai toh usse baat karlo.
Unlogo ko already pata hota hai yeh sab rotate money ka.
Mai apne saare rotate money ka IT Department k bade officer se baat kar k rafa dafa kar deta hu. 😜
Actually unlogo ko khud bhi pata hota hai, ajkal har koi aise rotate money karte raheta hai.
https://www.desidime.com/comments/permalink/10277844
Mine was also that 811 account, but after some months they freezed my account, went to nearest kotak branch, they said go to home branch and give proofs to unfreeze, so I never visited to unfreeze my account till now. Since it had 50-60rs balance remaining, that I left there. I usually did txn for sbi DC which was capped till 10 txn and 1000rs a month, so only 1L around was rotated by me a month.
https://www.desidime.com/comments/permalink/10277850
Regarding the notice , it seems expected
https://www.desidime.com/comments/permalink/10278937
Everything is done by friend
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1.5cr rotation. This is the example what not to do.