Cash deposit notice in saving bank

980 views 8 replies

vijay yadav

ACCOUNTANT

29 Points Joined August 2013

I have deposited cash 10 lakh during note banned and this amount was withdrawn by me from the bank before 1 month for purchasing land but due to some reason I could not buy. so the cash was on hand and I had to deposit the same in bank.. what should I reply to IT department ???

Replies (8)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208350 Points Joined July 2016

a) Cash withdrawn out of bank account

Studentsca

CA Practice

3577 Points Joined September 2012

Be prepared to explain the source of original cash deposit.

kiran

Student

98 Points Joined August 2016

Dear Sir,

If you have proper evidence to produce relating to the 10 Lakhs earned and submitted your PAN details to the bank (i.e., your bank account has been linked with PAN) and you have paid proper tax on such income then there will be no problem.

vijay yadav

ACCOUNTANT

29 Points Joined August 2013

Income was earned from agriculture income and I have all proof of agriculture income .....Like ledger's of buyer and receipts .. my agriculture income is almost 8 to 9 lac per year

Studentsca

CA Practice

3577 Points Joined September 2012

Agricultural income is exempt in India. since you have all the proof justifying agricultural income, you should file your income tax return and claim exemption for the same.
This is help you justifying for case in future if notice for questioning is issued to you.

K.HARI

CHARTERED ACCOUNTANT

53 Points Joined April 2010

There is a segment to report remittance out of withdrawal. Use that segment to respond to the remittance during the demonetisation period.

Otherwise, like some one said before, make sure you have enough sources to explain the holding and possibly file an Income Tax Return for AY 2015-16 ( year ended 31.3.15 ) before it gets time-barred & AY 2016-17 (year ended 31.3.16 ) disclosing the nature of income you have (including agricultural income)