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cash deposit during demonetization
my friend has a business and he is filing tax return and submitting sale tax as per his business norms for last 20 years. During demonitision , he deposited rs 17 lacs in his current account. His books are as per the norm and sale tax s paif accordingly. 3 days before, he got message from income tax dept for depositing this amount. Pls suggest how to respond for the same. Does he need to show his sale book to income tax dept ?
Replies (2)
As long as enough cash on hand tobthe extent deposited in bank is reflected in books, you need not worry. Please reply to the notice accordingly.
If this amount deposited in old currency. then what he can do?
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