NOTICE RECEIVED FOR CASH DEPOSITED INTO BANK SAVINGS ACCOUNT
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.
08 April 2021 What is the source of cash deposit. Based on the source only reply can be given.
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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.