18 September 2016
Sir, I am individual and have never filed a IT return till the assessment year 2015-16. But in financial year 2012-13 I have done cash deposit of 200000/- in my bank account for which IT department had send me notice for non filing of return can and information code CIB-410 Please guide me to resolve this as I have 10 days of time to reply to department
18 September 2016
The purpose behind income tax notice is to know whether depositor is having Undisclosed/unaccounted cash money or not. Presently there is no requirement of filing ITR, if Gross total income of an individual doesn't exceed Rs. 2.5Lacs & that income could be earned in cash. So, there is no such restrictions on depositing cash in Bank. But, it's source must be legally justified.
so, you must reply it within stipulated time frame along with its reason that my income is below taxable limit & cash income generated in current as well previous years.
Hope, your concern is clear now. For further clarification, you write us to info@wealth4india.com or Logon to www.wealth4india.com (Online Tax Studio & Start-up Gateway)
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