Querry from income tax officer
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.
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.
CA Kumar Mukesh
(Expert)
16 August 2013
The query raised by AO is valid to know the origin/source of cash deposit in case you have not filed any return of income during the relevant year.
As you mentioned your taxable income was below the minimum slab rate of the said financial year, In that case you may file/disclosed a memorandum computation of Income after taking all relevant information relating to Income & Expenditure
As you mentioned your taxable income was below the minimum slab rate of the said financial year, In that case you may file/disclosed a memorandum computation of Income after taking all relevant information relating to Income & Expenditure
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