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***NOTICE U/S 142(1) OF INCOME TAX ACT***
If a person has made a cash deposit of more than twenty lakh rupees without disclosing the source and a notice has been issued how should he respond to the notice ?
Replies (1)
If you receive a notice under Section 142(1) regarding unexplained cash deposits, you must gather all documentation proving the source of the funds (e.g., past returns, asset sales, or documented income) and consult with a Chartered Accountant to draft a formal reply. Promptly uploading your response via the Income Tax e-filing portal is essential to avoid adverse assessments or penalties.
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