Querry from income tax officer

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This query is : Resolved

ashok kumar (Querist)

16 August 2013 sir, i have receive a non statutory query from income tax officer regarding cash deposit of rs 1360400 in a saving account for the financial year 2011-12
as my income is not taxable i have not filed any income tax return,nor i have maintained any books of account for the business whose turnover is less than 40 lacks.
cash deposited to saving account is sales from a business & i have made payment to vendor through cheques from my saving account.
kindly advice what step i have to take regarding this.

saurav

saurav (Expert)

17 August 2013 Dear Ashok

ITR filling is necessary even if income non taxable or turnover below 1 Cr.

In the said case, your case, it is suggested to file ITR for the said period.

and to contact CA for appearing before ITO .

In all probabilities your case might be converted into scrutiny proceedings, and entire receipts be taken as your concealed income , hence taxable.

Therefore, better to reply the query letter through CA and file return, to make a strong case showing business.

CA. Brijesh Baranwal

CA. Brijesh Baranwal (Expert)

17 August 2013 You may file income tax return now also, disclosing true income and claiming eligible expenditure etc.,

Pls contact for further queries;

Mobile-9312412020
Email-cabrijesh@yahoo.co.in

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