Cash transactions 2016
This query is : Resolved
10 June 2019
DEAR EXPERTS,
ONE OF MY FRIEND HAD RECEIVED AN INTIMATION FROM THE "IT DEPT" REGARDING THE CASH DEPOSITS MADE AT THE TIME OF DEMONETISATION AND HE HAD ALSO NOT FILED HIS RETURNS DURING THAT AY.. NOW AFTER THE ISSUANCE OF NOTICE FROM "IT DEPARTMENT" HE HAD FILED HIS IT UNDER 44 AD... NOW WITH REGARDING TO THE NOTICE:
1) SHOULD HE RESPOND EACH TRANSACTION EXPLANATION LIKE SUBMITTING HIS BANK BOOK LEDGER (OR)
2) JUST REPLY THAT THE AMOUNT CREDITED ARE THE AMOUNT RECEIVED FROM MY DEBTORS AND I HAVE OFFERED ALL SUCH INCOME TO TAX???
WHICH OF THE ABOVE OPTION IS SUITABLE AND WONT CAUSE ANY FURTHER PROBLEM ??
IF THERE IS ANY OTHER TYPE OF RESPONSE PLEASE KINDLY LET ME KNOW...
ONE OF MY FRIEND HAD RECEIVED AN INTIMATION FROM THE "IT DEPT" REGARDING THE CASH DEPOSITS MADE AT THE TIME OF DEMONETISATION AND HE HAD ALSO NOT FILED HIS RETURNS DURING THAT AY.. NOW AFTER THE ISSUANCE OF NOTICE FROM "IT DEPARTMENT" HE HAD FILED HIS IT UNDER 44 AD... NOW WITH REGARDING TO THE NOTICE:
1) SHOULD HE RESPOND EACH TRANSACTION EXPLANATION LIKE SUBMITTING HIS BANK BOOK LEDGER (OR)
2) JUST REPLY THAT THE AMOUNT CREDITED ARE THE AMOUNT RECEIVED FROM MY DEBTORS AND I HAVE OFFERED ALL SUCH INCOME TO TAX???
WHICH OF THE ABOVE OPTION IS SUITABLE AND WONT CAUSE ANY FURTHER PROBLEM ??
IF THERE IS ANY OTHER TYPE OF RESPONSE PLEASE KINDLY LET ME KNOW...
Amol S Joglekar
(Expert)
10 June 2019
what is the reality in depositing the cash?
Amol S Joglekar
(Expert)
12 June 2019
then you can tell the same to income tax department. Be ready to disclose the names along with PAN of those sundry debtors.
Amol S Joglekar
(Expert)
12 June 2019
you are most welcome.
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