Cash deposit above 10 lakhs

In Which Account? Current or Savings?

If CA, the Yearly limit is 50 Lakhs and In Savings Account Limit is 10 Lakhs.

Crossing the limit, Banks must report to the Income Tax Department.

But already shown in GST have a not effective measure, You must disclose the same in Income Tax Return.

Then no offence at all.

If you are regularly filing true returns then there wont be any penalty

Deposited in Savings account.

Actually I have a money transfer business and mistakenly deposited in Savings account. As the money deposited are collection from retailers and in this business we rotate money every day.

So what explaination I can give to income tax?

File your return on time u/s 139. Then maintain a day book for future purpose