This queries relates to my friend. He is doing online business like .....purchase mobile by using credit card and take the cash from buyers and then deposit it to bank to clear credit card credit balance. His question is his income is under exemption limit and he doesn't file itr. If his total transaction of deposit of cash in bank account exceeds 10 lac in a year. has he probability to get the notice from income tax because income tax department keep watch on cash deposit and withdrawals after certain limit
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CASH AND ONLINE TRANSACTIONS
Replies (2)
Please keep proper record of all sales and purchases. If proper justification is given to the department, then no need to file the return if the income is below basic exemption limit.
No need to file the return if your income is below the exemption limit
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