| Question And Answer | |
|---|---|
| Subject: | section 131(1A) for AY 21-22 |
| Category: | Income-Tax |
| Querist: | Chandan |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Black money Act, show cause notice |
| Date: | March 30, 2023 |
I have received IT department’s summons under section 131(1A) for AY21-22.
I have received ESPP and RSU stock in years before AY 21-23 and during AY21-22 I have received dividend and it was taxed in USA.
I have missed disclosing this information while file the return for AY21-22.
I hold around 1160 ESPP/RSU stock in US company.
what should be my course of action ?
In case you have missed disclosing it in Schedule FA, there is a chance that they may initiate penalty proceedings under section 43 of the Black Money Act, 2015. Make an effective response to the penalty notice. The penalty is not automatic and it can be dropped if the assessee demonstrates a reasonable cause, bona fide intentions etc.
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