Income tax notice issued in February'2024 for AY 2017-18 on the basis of 26AS as follows :
'The above have not been reflected in your return of income for the AY 2017-18. You are hereby given an opportunity to explain why the same should not be treated as your unaccounted income from undisclosed sources, & why penalty should not be levied against you for non-disclosure.'
Kindly advice what to do ?
Online Tax Notice for 2017-18: Unreported Income Query Without Specific Section, Seeks Explanation and Threatens Penalties. A participant in a discussion forum received an income tax notice in February 2024 concerning the assessment year 2017-18. The notice, based on Form 26AS, questions unreported income and threatens penalties for non-disclosure. The individual seeks advice on how to respond. A respondent inquires about the specific provision under which the notice was issued and its date. The original poster clarifies that the notice lacks a specified section and was generated online with the subject 'Calling for explanation.' (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
