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Mihir

Mihir Tanna  |1057 Answers  |Ask -

Tax Expert - Answered on Jan 06, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Prasanna Question by Prasanna on Jan 06, 2023Hindi
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Good afternoon, Mihir. I got a message from the IT Dept about some 'high value' transaction I had done. I had sold my house in FY2021 and had included the same in my ITR filing. Yet I have got the notice asking me to confirm this high value transaction. While I have confirmed the same by logging in into the IT website, I am still nervous about the notice? What should I do? Regards

Ans: Income tax department usually issue notice to verify source of money for acquiring house, in case taxpayer doesn't have sufficient source of Income. In your case, taxpayer has acquired house from genuine source of Income and said income is correctly offered to tax, than income tax department will not take any penal consequences.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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