Regarding income tax
This query is : Resolved
29 March 2014
Dear Sir,
My query is that my uncle is filing income tax return and he is showing income on presumtive basis but the main problem is that has deposited cash in his saving bank account which exceeds Rs. 1000000/- but the account was closed later on and we have not shown it in return.
Finally, what is the solution to this problem.
My query is that my uncle is filing income tax return and he is showing income on presumtive basis but the main problem is that has deposited cash in his saving bank account which exceeds Rs. 1000000/- but the account was closed later on and we have not shown it in return.
Finally, what is the solution to this problem.
29 March 2014
Normally now a days the IT Dept is selecting those cases under scrutiny where the cash deposit is exceeding Rs. 10,00,000 in the saving A/c even if the A/c has been closed later on. In such cases they treat total cash deposit as the income. Since your uncle has already filed the return, now there is no any other alternative.
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
- Supply through E-commerce Operators
- Sales return eway bill
- Rent lease agreement
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- Loan by Partnership Firm
- Tax liability on income of freelancer
- REGARDING SECTION 44AE
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
