Recd notice for Depositing 4 lacs in bank a/c

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Iftekhar Shaikh (Querist)

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

CA Chitta Ranjan Das

CA Chitta Ranjan Das (Expert)

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.

Iftekhar Shaikh

Iftekhar Shaikh (Querist)

08 February 2017 Thanks a lot Sir

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