banner_ad

NOTICE RECEIVED FOR CASH DEPOSITED INTO BANK SAVINGS ACCOUNT

This query is : Resolved 
Profile Image

Profile Image

(Querist)
07 April 2021 ONE OF MY COLLEAGUE NOTICE RECEIVED FROM INCOME TAX DEPARTMENT FOR CASH Rs. 10 LAKHS DURING FY 20-21 DEPOSITED INTO BANK SAVINGS ACCOUNT. WHAT REPLY HE SHOULD GIVE FOR THIS NOTICE. HE IS A PRIVATE EMPLOYEE. HE WILL NOT COME INTO TAX BRACKET. PLEASE HELPME.
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
08 April 2021 What is the source of cash deposit. Based on the source only reply can be given.
Profile Image

CA CMA CS Ram Pavan Kumar Melam

Profile Image

CA CMA CS Ram Pavan Kumar Melam (Expert)
08 April 2021 CA R Seetharaman ji, it is difficult to prove the source in most of the cases. Businesses within the scope of 44AE may be explored. But there is a chance of invoking the provisions of section 68 (IT Act) etc. It is better to meet a tax consultant to handle it carefully.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details