Cash transactions 2016

This query is : Resolved

Nithija (Querist)
Follow

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...

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

10 June 2019 what is the reality in depositing the cash?

Nithija

Nithija (Querist)
Follow

10 June 2019 AMOUNT RECEIVED FROM SUNDRY DEBTORS

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

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.

Nithija

Nithija (Querist)
Follow

12 June 2019 THANKS FOR THE REPLY SIR

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

12 June 2019 you are most welcome.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kopparapu bheemarao

Rajesh Surapaneni

sweta sharma

T Ramachandran

Pratap Kumar De

Subscribe Now

Cash transactions 2016

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

CA Final

GST CONSULTANT

Accountant

GST CONSULTANCY