Cash deposit

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This query is : Resolved

RAJA P M (Querist)

23 May 2017 Dear Experts.,

A person doing his business for a own medical shop. He is not filing ITR any year. Now, He will file his ITR for the AY-2016-17 and 2017-18. He deposited CASH on 2016 Rs. 304900/- and Income Tax portal shown the amount...

So,
1. How to reply the Cash Transaction to the ITD...?
2. Can We file the above said AY ITR...?

Please guide me the queries...

Thanks & Regards
P.M.Raja

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

23 May 2017 No need to file ITR just login to incometax portal & reply for cash transactions.

Message likes : 1 times

RAJA P M

RAJA P M (Querist)

23 May 2017 Thanks for the reply Madam.,

But.,
He want ITR for AY 2016-17 & 2017-18... Bcoz., Any future loan are banks related loans.
So, Please refer How to clear the cash deposit problem to ITD.
Can we pay any penalty for the above said amount....

RAJA P M

RAJA P M (Querist)

23 May 2017 Dear Madam,

That person have A current Account (Bank). The bank account credited amount Rs. 17,40,000 for FY 2015-16 &
Rs. 18,81,000 for FY 2016-17...
So, what can i do this position....
Please guide me Madam...

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

23 May 2017 If he want return for loan purpose then file the return. You can opt for income u/s 44AD by declaring 8% income on his total receipts.
Reply for cash transaction also stating it as saving from past income. Amt deposited by his is not so big that u cant clarify to the department.

Message likes : 1 times

RAJA P M

RAJA P M (Querist)

24 May 2017 Thank you for the Reply Madam.,
Really very helpful...

Message likes : 1 times

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

24 May 2017 Pleasure is all mine

RAJA P M

RAJA P M (Querist)

24 May 2017 Madam.,

I have one more doubt for FORM 61a related...!
Can I ask....?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

24 May 2017 Ues you can

RAJA P M

RAJA P M (Querist)

24 May 2017 Dear Madam.,

A Partnership firm started on 04/01/2016 as per PAN/Deed for doing Ceramic Tiles Trading (Whole Sale and Retail). They started transactions after Apr-16. Their turnover for the FY Rs. 1.62crores. They credit and Cash sales...
My Doubts are....
1. They are not file ITR for the FY 2015-16. Bcoz, No more business transaction. They want ITR filing compulsary or not...?
2. They want file FORM 61a compulsary or not...?
3. Who want file FORM 61a...?
Please clarify and clear my doubts...

Thanks & Regards
P.M.Raja

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