I received an Income Tax Notice

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What is an Income Tax Notice?

An Income Tax notice is a communication by the Tax Department when they have information to believe that you have some income that has not been offered to tax.

Why did you receive it?

The Government has shifted its focus from the traditional income-based approach to analysing high value investments and expenditures of an individual to understand their sources of income. Few such investments or transactions being tracked by the Income Tax Department, which may lead to Income Tax notices are as follows:

Creating Fixed Deposit (NRO / NRE / FCNR) ≥ INR 10 lakhs in a financial year

Depositing / withdrawing cash ≥ INR 10 lakhs

Sale or purchase of immovable property ≥ INR 30 Lakhs

Sale or purchase of shares ≥ INR 10 Lakhs

Payment of credit card bills ≥ INR 10 Lakhs (INR 1 Lakh in case of cash payment)

What could you have done to avoid it?

Filing your Income Tax Return in India declaring your residential status as a “Non-Resident” or “NRI” could have been your first line of defence against this notice.

What to do now?

Submit a detailed response to the notice with proper documentation to prove your NRI status and the source of your funds for having entered into the questioned transactions. Be sure to submit the responses within the given deadlines or if you cannot get the documents ready in time, make an application requesting additional time.

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