Recd notice for Depositing 4 lacs in bank a/c
This query is : Open
02 February 2017
Sir rec'd income tax notice for depositing 4lacs in Bank in 1000 & 500 notes I am doing doing trading business and filing returns under presumptive scheme showing 8% profit the above amt was paid to supplier by cheque kindly advise what answer should I give to income tax department kindly advise
02 February 2017
Dear Sir,
Getting a notice from IT Department for the deposit of Rs. 1000/- or Rs. 500/- notes is a common thing now-a-days. Please don't panic. Since the content of notice is not produced here, i could not know the exact requirement, but the general thing they ask in the notice is to show them the source from which you collect this income. And why you have not deposited the same earlier. You may answer the source is from personal savings and for that please check your income tax return should substantiate the same.
Getting a notice from IT Department for the deposit of Rs. 1000/- or Rs. 500/- notes is a common thing now-a-days. Please don't panic. Since the content of notice is not produced here, i could not know the exact requirement, but the general thing they ask in the notice is to show them the source from which you collect this income. And why you have not deposited the same earlier. You may answer the source is from personal savings and for that please check your income tax return should substantiate the same.
08 February 2017
Thanks a lot Sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- Missed TDS
- TDS NOT YET CREDIED
- TDS refund Indemnity Bond
- Gst reverse charge mechanism to be claimed in the month of payment
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding reporting of exempt foreign remuneration in ITR
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
