Query- CIB 403: Investment in Fixed Deposit or Time Deposit exceeding Rs.2 Lakh.

Query- CIB 403: Investment in Fixed Deposit or Time Deposit exceeding Rs.2 Lakh.

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This is shiva from barshi.

I got income tax notice CIB 403 time deposits exceeding 200000 i am farmer. My income is below taxable limit

What can I do. Plz help me

Solution:

CIB 403: Investment in Fixed Deposit or Time Deposit exceeding Rs.2 Lakh.

  1. The Income Tax department is sending this letter to people who have not e-Filed or have not disclosed all incomes according to their records. It is always better to reply the notice by filling ITR with some source of the amount deposited in FD (Fixed deposit)/TD (Time Deposit).
  2. Non-filing of ITR may attract penalties and also has severe consequences. If, there is no taxable income then there is no need to pay tax or file income tax return. You are only requested to furnish your response in the compliance module on the e-filing income tax portal. You can respond to the notice online.
  3. In short, the Income Tax Department wants you to explain why you haven’t e-Filed your return and may additionally ask you to explain some facts regarding your income. Doing this is fairly simple.
  4.  Here’s an in-depth illustrated guide on how to do so:
  • Login to https://incometaxindiaefiling.gov.in/.The Income Tax Department has created a new module in its interface called “Compliances”.
  • Login to your Income Tax Department website account. (If you do not have access to your Income Tax Department Account, contact Clear Tax)
  • If you haven’t filed your return choose the reason you haven’t done so and reach out to one of tax experts who will assist you with this matter. If you have already filed your Income Tax Return for the year in question, pick the type of filing and enter your Acknowledgement Number and Date of Filing. And wait for the next communication from the IT Department.
  • You may also be requested to submit the “Compliance Form”. This is basically a list of all major financial transactions carried out associated with your PAN. Look at the list items for the relevant year and mark the answers duly.

For example: “CIB-403” or “Time Deposit exceeding Rs.2lakh with Banking Company” may relate to your Fixed Deposits.

 

Hope it will clarify Your Doubt

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