Income tax notice
This query is : Open
Devender Kumar
(Querist)
08 October 2017
a cyber cafe owner use his personal saving account for cyber cafe purpose and during financial year 2014-15 a sum of Rs 10 lac depsoited in his personal saving bank account now he received notice from income tax department .then what reply shall be given to department .pls suggest.
Radhakrishnan K.V.
(Expert)
08 October 2017
Depends on the provision under which the notice was issued.
08 October 2017
it means he is using his saving bank account for business purpose and the same should be disclosed to department . if cash is deposited out of accumulated income for previous years or from the ancestral savings, it should be disclosed in the reply accordingly.
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