Section 148 a

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If you've received a Section 148A notice and are an agriculturalist who has made significant cash deposits, you must file a tax return. During reassessment, you'll need to explain the source of the cash. It's crucial to handle this correctly to avoid substantial tax demands, as improper handling can lead to lengthy appeals.

Adv SHARAD SURYAWANSHI

Adv SHARAD SURYAWANSHI (Querist)

03 April 2024 I have received notice 148 A , i am agriculturalist i have deposit Rs 57/ lakh cash in bank we received agricultural income we have not file income tax returns so how to reply this notice please guide us

Nikhil Kaushik

Nikhil Kaushik (Expert)

03 April 2024 you need to first file the proper tax return against the notice received. Once that is done, during the reassessment proceedings, you need to explain the source of this cash.

It is a time consuming process and if not done right, can lead to significant tax demand. I am currently handling 2 such cases where the client did not handle the reassessment proceedings in the right manner and now we are managing the appeals.

Adv SHARAD SURYAWANSHI

Adv SHARAD SURYAWANSHI (Querist)

03 April 2024 Think you Nikhil sir for your immediate response

Nikhil Kaushik

Nikhil Kaushik (Expert)

03 April 2024 you are welcome Sharad. Happy to help. In case you need professional help on this one, feel free to message.

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