Hotness Got Income tax notice

Hot Deal Got Income tax notice

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4onrgc1
Deal Subedar
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I got notice today and asked to come and submit all the bank statements from 2011.
I am salaried person monthly income of around 50k. from 2015 I am working
so from 2015 I am paying tax .. and my savings till now is around 15L (incl all cashbacks, interests on my savings ).. I don’t have any FD’s
They asked to submit all the bank transaction details from 2011, But my doubts are
1) I have opened max accounts in 2016 and most of them are closed 2018 mid.. I need to take those statements as well?
2) they need to review all of them it seems.. they are telling it make take a year also .. I need to pay any amount to them ?
Experts pls help on this

97 Comments  |  
36 Dimers
Missing
Deal Cadet
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what will they do if you do not submit any documents ?
have they made any tax demand ?
talk to a CA in this matter.

Missing
Deal Newbie
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Volume of transactions you’ve done recently? Want to understand how it must’ve been triggered

Untitled 1
Critic
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I received service tax notice on 20th Nov and I gave them everything they asked.

If I were you, I wouldn’t take it lightly and give them every document they asked or they may need. It’s also best for you if you can find some relative in the IT office.

Yes, you will have to give the statements of accounts that are closed too. You can go to the bank and ask them, they will give it to you.

Don’t worry, it wont take a year because you will be asked to pay them some bribe based on how much you are into this mess.

Quote i have failed at times but i never stopped trying rahul dravid 92 90 95
Analyst
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@TEMPER What is the nature of your employment? Like Software Engineer, Production, Marketing?

4onrgc1
Deal Subedar
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GoogleCA wrote:

@TEMPER What is the nature of your employment? Like Software Engineer, Production, Marketing?

software bro

4onrgc1
Deal Subedar
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one of my bro told that no need to worry.. this many statements to check it will take tym. max they will avoid unless my transactions looks more suspicious..almost my kotak 811 account for 2017-18 has 361 pages 🤣

Loveeeeeee 2ifgch7s%281%29
Deal Subedar
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TEMPER wrote:

one of my bro told that no need to worry.. this many statements to check it will take tym. max they will avoid unless my transactions looks more suspicious..almost my kotak 811 account for 2017-18 has 361 pages 🤣

Kotak Virtual Card loot on Flipkart…

Did u do too much credit card transactions also?

@Roushh wat was ur case, why u were given notice?

4onrgc1
Deal Subedar
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1093
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itzdreaming wrote:

Kotak Virtual Card loot on Flipkart…

Did u do too much credit card transactions also?

@Roushh wat was ur case, why u were given notice?

debit card loads in 811 account

Giphy
Deal Cadet
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TEMPER wrote:

debit card loads in 811 account

So you did many transactions To get debit card reward points ?

4onrgc1
Deal Subedar
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Puchka wrote:

So you did many transactions To get debit card reward points ?

yeah

Missing
Deal Cadet
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TEMPER wrote:

yeah

I dont understand u. What type of transactions u r doing on u r debit card for reward points

Nagra
Deal Newbie
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TEMPER wrote:

yeah

Kotak allows only 3 per month through Debit card since June I think.

You must have done tons of transactions before that I guess. Did you make sure transactions were less than 50k?

Missing
Deal Cadet
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U r doing money rotation since 2011?? I think mostly money rotation through debit cards comes mostly 2015-16& 17-18. So, why they asked statements from 2011? What is subject of mail? Can u send me ss in pm by erasing name & other details. I had also rotated money from dbs-kotak to other bank dc daily upto 50 k for about 2 years. Now its stopped completely. But i think its flaw in their system & income tax cant demand tax on this.

Missing
Deal Cadet
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abhijitja wrote:

U r doing money rotation since 2011?? I think mostly money rotation through debit cards comes mostly 2015-16& 17-18. So, why they asked statements from 2011? What is subject of mail? Can u send me ss in pm by erasing name & other details. I had also rotated money from dbs-kotak to other bank dc daily upto 50 k for about 2 years. Now its stopped completely. But i think its flaw in their system & income tax cant demand tax on this.

Many dimers here know this & some may not even filled any return till date. So, pls post or send in pm ss of mail for benefit of others

Untitled 1
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itzdreaming wrote:

Kotak Virtual Card loot on Flipkart…

Did u do too much credit card transactions also?

@Roushh wat was ur case, why u were given notice?

I got the notice because my yearly revenue in last 5 years is a lot more than 20L. 20L is the threshold for these notices.

I got under scrutiny because they said my revenue is more than 20L for foreign payments and 10L for domestic payments. And that I haven’t paid any ST/GST on my revenue in last 5 years. They wanted to check my bank records, invoices and bills from last 5 years.

Fortunately, I had everything ready because 90% of my business is online so I had every document in soft copy. If the person did not has the records then he was slapped with hefty penalty and recovery amount.

I got in touch with the inspector via a relative working in the same office. I explained that I was not required to pay any GST because my work is done outside India. Gave all the invoices and bank records. Inspector was surprised that I had everything to prove my case.

Still had to pay the bribe. Nothing big though. 5000 rs.

Untitled 1
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aashish1593 wrote:

I dont understand u. What type of transactions u r doing on u r debit card for reward points

Paytm UPI 100 rs for 100 transaction. Remember?

Untitled 1
Critic
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abhijitja wrote:

U r doing money rotation since 2011?? I think mostly money rotation through debit cards comes mostly 2015-16& 17-18. So, why they asked statements from 2011? What is subject of mail? Can u send me ss in pm by erasing name & other details. I had also rotated money from dbs-kotak to other bank dc daily upto 50 k for about 2 years. Now its stopped completely. But i think its flaw in their system & income tax cant demand tax on this.

They asked from 2011 because they can probably ask records for maximum that financial year. And people are most likely to not have any records for that long ago.

All this just to earn some bribe. Nothing else. All they do is try to frighten you and tell you that you will be required to pay lakhs of fine. Then the negotiations begin.

Missing
Deal Cadet
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Roushh wrote:

Paytm UPI 100 rs for 100 transaction. Remember?

Not these transactions i think. Transactions are load Rs25k/50k/1lac from dc to kotak or dbs DAILY & get reward points. I did it daily & i got nearly 1 lac through this route in a year. Many dimers did this. I’m just worried because my yearly transaction value is near about 2 Cr in a year.

Missing
Deal Cadet
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When i went to CA for file return, he asks me my bank statements but i’m afraid because of this too much transactions. I filed return by myself.

4onrgc1
Deal Subedar
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1093
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nagra wrote:

Kotak allows only 3 per month through Debit card since June I think.

You must have done tons of transactions before that I guess. Did you make sure transactions were less than 50k?

its not now.. when kotak and dbs allows debit card loadings i have done maximum.. almost 15 bank accounts opened for reward points.. daily around 10L rotation happend around 2016/17.. but 2018 may loading vth debit cards not allowed by kotak.. so max i have closed all my small accounts like KVB,SBI,BOB,BOI banks.. recently my bro deposited 5 lakhs from US to clear his education loan.. My mistake is i have given him my current account details-may be this was the issue for this notice

4onrgc1
Deal Subedar
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1093
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I has only sbi account from 2011.. but that was closed.. i have opened accounts from 2k15.. I will provide only those docs to him.. all around approx 900 pages. I will go n submit on dec 31st or Jan 1st..

Missing
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TEMPER wrote:

I has only sbi account from 2011.. but that was closed.. i have opened accounts from 2k15.. I will provide only those docs to him.. all around approx 900 pages. I will go n submit on dec 31st or Jan 1st..

Instead of visiting physically. I will suggest if you have option to reply online. Reply online and attach supporting documents.

Missing
Deal Cadet
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Roushh wrote:

Paytm UPI 100 rs for 100 transaction. Remember?

Thats why i didn.t do a single transaction.

Missing
Deal Cadet
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Roushh wrote:

Paytm UPI 100 rs for 100 transaction. Remember?

What about the progress of your income tax notice now????

Pada
Deal Lieutenant
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TEMPER wrote:

its not now.. when kotak and dbs allows debit card loadings i have done maximum.. almost 15 bank accounts opened for reward points.. daily around 10L rotation happend around 2016/17.. but 2018 may loading vth debit cards not allowed by kotak.. so max i have closed all my small accounts like KVB,SBI,BOB,BOI banks.. recently my bro deposited 5 lakhs from US to clear his education loan.. My mistake is i have given him my current account details-may be this was the issue for this notice

daily 10 l flushed , how much rewards did u get???? i really think this was the reason u have recvd income tax notice now

Screenshot 2019 07 02 17 05 02 902 com.android.chrome
Deal Cadet
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Roushh wrote:

Paytm UPI 100 rs for 100 transaction. Remember?

He is asking for Debit Card rewards points & not UPI offers

Missing